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Gold declines as oil rises on supply worries
Gold prices rose today by 0.72%, reaching $4,144.58 per ounce, after hitting their lowest level since early August amid concerns over potential disruptions in oil supplies due to geopolitical tensions in the Middle East. The ongoing rise in oil prices continues alongside inflation worries. At the same time, oil prices has increased significantly, with Brent crude up by more than 2% to $107.44 per barrel, driven by exports in the region reaching their highest level since February. This supports expectations that inflationary pressures will persist and influence interest rate decisions. Markets are currently forecasting a 72.5% chance of a U.S. interest rate hike in October, which could make gold more vulnerable to further declines amid ongoing concerns about how rising oil prices impact costs and inflation pressures.
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