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Commodities

Gold Drops Amid Rising Rate Hike Bets and Middle East Tensions

Guavy AI Editorial Team
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Gold prices fell to their lowest point in months on Monday as the market reacted to stronger-than-expected US jobs growth and rising tensions in the Middle East.

The spot price of gold dropped by 0.6% to $4,405.17 an ounce at 10:12 a.m. in Singapore, after briefly dipping below $4,400 an ounce.

The decline was driven by expectations of a higher interest rate hike, with traders pricing in a roughly 60% likelihood of an increase in September.

Hebe Chen, senior analyst at Vantage Markets, said that 'gold is being pulled into the heart of another macro storm.'

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