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Commodities

Gold Falls Amid Stronger Fed Hike Bets and Oil Price Surge

Guavy AI Editorial Team
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Oil Gold
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Gold prices dropped on Monday as investors bet on a firmer Federal Reserve rate hike and rising energy costs due to Middle East tensions.

The precious metal traded around $4,414, down 0.35%, after dipping to an intraday low of $4,381, with muted volumes due to the US Labor Day holiday.

Federal Reserve rate expectations increased, with a 58% chance of a hike at the September 15-16 meeting, according to CME FedWatch.

Rising energy costs also weighed on gold, with West Texas Intermediate crude near $91 per barrel and oil's inflation channel in view due to reported strikes involving Iranian tankers and Saudi Aramco's Jazan refinery.

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