Gold Price Tumbles as Oil Disruptions and Rate Hike Fears Weigh Heavy

The gold price continued its downward trend on September 15, closing at $4,279.8 per ounce in the evening session. This marks a decrease of 0.43% compared to the previous day's close.

According to market reports, disruptions to oil flows from the Middle East and expectations of an interest rate hike by the US Federal Reserve (Fed) contributed to the decline in gold prices. The prospect of higher energy prices boosting inflation has put pressure on the Fed to implement its first interest rate hike in 3 years.

Gold prices fell below $4,290 per ounce earlier in the day, a 0.4% drop from the previous session's low. Traders believe that higher borrowing costs will negatively impact gold, a non-interest asset.