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Commodities

Gold Price Plunges as Oil Rally Fuels Rate-Hike Bets

Guavy AI Editorial Team
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Oil Gold
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The price of gold slipped to $4,336 as rate-hike bets lifted yields, causing investors to favor higher-yielding assets over precious metals.

The oil rally fueled fears of inflation and a stronger US dollar, which in turn boosted expectations for a Federal Reserve interest rate hike. This shift in market sentiment led to a decline in gold prices.

The price of oil rose above $107 as Middle East supply concerns deepened, contributing to the increased likelihood of a rate hike by the Fed. The Saudi supply fears drove up oil prices, which had a ripple effect on other markets.

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