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Commodities

Gold Tumbles as Oil Prices Soar and Fed Signals Hawkish Stance

Guavy AI Editorial Team
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Oil Gold
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Gold prices declined to around $4,275 in Friday's early Asian session due to rising oil prices and a hawkish stance from Federal Reserve policymakers.

The increase in oil prices has raised inflation fears, weighing on gold. The US central bank may need to continue raising interest rates to quell above-target inflation.

Markets are now pricing in a 67.5% chance that the Fed will hike rates by a quarter percentage point in October, up from 55.4% one week ago, according to the CME FedWatch tool.

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