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Gold dips as rate hike concerns rise
According to investor expectations, the price of gold remained steady at $4,342.41 per ounce, amid expectations that the Federal Reserve will keep interest rates high for a longer period, which enhances its appeal as a safe haven. Despite escalating geopolitical tensions in Yemen and the Strait of Hormuz, the tightening monetary environment is prompting investors to favor yield-bearing assets over gold. This comes amidst forecasts of another interest rate hike to curb inflation driven by demand and commodity shocks. Silver prices fell to $65.99, and platinum declined to $1,786.43 per ounce.
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