Gold Prices Plummet Amid US Rate Hike Expectations

Gold prices declined on Friday to near one-week lows as investors await the release of U.S. Consumer Price Index (CPI) data. The spot gold price held steady at around $1,818.88 per ounce by 00:20 GMT, after earlier hitting its lowest level since September 2.

The decline in gold prices comes amid growing expectations of a U.S. interest rate hike. Gold prices dropped about two percent on Thursday following the release of data showing a rise in U.S. producer prices in August, in line with expectations.

Other precious metals also saw declines, with spot silver falling 0.1 percent to $23.48 per ounce, while platinum remained steady at $977.42, and palladium dropped 0.2 percent to $1,279.25.