Oil Prices Ignored Trump Comments, Dollar Surges on Rate Hike Expectations

The US dollar strengthened as rising oil prices boosted expectations of a Federal Reserve rate hike. Oil prices remained steady above $100, despite US President Trump's comments that the conflict with Iran would not last long.

Spot gold prices declined by 0.11% to around $4,293.97 per ounce, while spot silver edged higher by 0.97% to $63.84.

The market is anticipating a 25-basis-point rate hike by the Fed, with over 90% probability indicated by Fed funds futures.