Gold falls on rate hike hopes

Gold prices declined today amid increasing expectations that the U.S. Federal Reserve will raise interest rates this week, following the release of strong inflation data and rising oil prices. Spot gold fell by 0.9% to $4,308.24 per ounce, while the dollar reached its highest level in over a week, raising the cost of the metal for buyers using other currencies. The market currently estimates about an 89% chance that the Federal Reserve will hike interest rates during September meetings, with expectations that the central bank will increase rates by 25 basis points to keep inflation in check, which has been driven higher by rising oil prices and ongoing tensions in the Middle East.

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