Commodities
Gold Prices Plunge Over 4% Amid US Interest Rate Hike Expectations
Gold prices plummeted over 4% on Monday, hitting their lowest level since August as oil prices surged and traders bet on further US interest rate hikes.
The December delivery gold futures contract on the COMEX exchange fell by 3.98%, trading at $4,149.3 per ounce by 17:47 Moscow time.
According to Reuters, a stable dollar combined with persistently high yields on US Treasury bonds intensified pressure on gold, which is priced in the American currency.
Giovanni Staunovo, a commodity analyst at UBS bank, attributed the sell-off to elevated oil prices and forecasts for additional Federal Reserve rate increases.