Gold Price Tumbles Below $4,300 as Interest Rate Hikes Loom

The world gold price fell to a threshold of $4,248 per ounce as of 5:30 PM, down 38.5 USD/ounce or nearly 1% from the previous session.

This decline is part of an ongoing downward trend in gold prices, which has been affected by rising oil prices and US Treasury bond yields.

Investors are assessing the potential impact of these factors on inflation and monetary policy, as well as the likelihood of further interest rate hikes by the US Federal Reserve (Fed).

CME FedWatch data indicates that the market currently values the probability of a Fed interest rate hike in October at 77.5%, up from 55.4% last week.