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Gold Gains Slightly After Drop Amid US Rate Pressures
Gold prices rose slightly after a 4% decline in the previous session, amid ongoing tensions between the United States and Iran over the Strait of Hormuz. This situation has heightened energy prices and led to expectations of further interest rate hikes by the Federal Reserve. Spot gold increased by 0.4% to reach $4,131.10 per ounce, while futures contracts declined marginally. This movement coincided with a rise in the dollar's value, alongside a continued decline in U.S. Treasury bonds, which saw yields reach their highest level in 19 years, causing the yellow metal to suffer additional losses. Markets are anticipating the possibility of another interest rate increase in October, amid persistent inflation pressures and rising energy costs. Investors are also awaiting upcoming U.S. inflation data and employment reports to guide their future decisions.
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