Commodities
Gold Prices Slide on Inflation Concerns, Rate Hike Bets Weigh
Gold prices took a hit on Monday as inflation concerns and rate hike bets weighed on investors. This comes after oil prices surged, fueling fears of higher costs and prompting expectations that the US Federal Reserve could increase interest rates this week.
The spot gold price fell by 0.5% to $4,327.80 an ounce, marking its third consecutive weekly decline. US gold futures for December delivery dropped about 1% to $4,368.60 an ounce.
Other precious metals also took a hit: spot silver plummeted 1.1% to $63.75 an ounce, while platinum and palladium fell by 0.8% and 0.7%, respectively.