Commodities
Gold Holds Steady Amid Rising Inflation and Rate Hike Bets
Gold remained steady on Monday at $4,348.87 an ounce in Singapore after dropping for three consecutive weeks.
The metal's price was bolstered by hotter-than-expected US inflation data released last week, which increased the likelihood of a Federal Reserve interest rate hike this week.
Underlying inflation rose 0.3% in August, with the core consumer price index excluding food and energy costs showing an increase from the previous month.
JPMorgan's Asia head of rates & FX strategy, Yuxuan Tang, noted that while the market has largely priced in the risk of a rate hike, gold still faces further headwinds if it materializes.