Commodities
Gold Price Under Pressure from Higher Oil Prices and Stronger Dollar
The gold market is facing renewed pressure from higher oil prices and a stronger dollar, which could offset persistent Chinese demand.
The price of gold surged to nearly $4,700 in late August but has since retreated below $4,300, with the metal currently trading around $4,000.
The decline reflects a less favorable macroeconomic environment, with Federal Reserve Chair Kevin Warsh delivering a hawkish message at Jackson Hole and stronger employment data reinforcing expectations of interest rate hikes.
The uncertainty surrounding the Strait of Hormuz has also kept crude prices elevated, with Brent recently trading above $100 a barrel.