Commodities
Oil Rally Pushes Gold Prices Down as Rate-Hike Odds Jump to 86.5%
Gold prices fell on Monday as oil prices surged, renewing concerns about inflation and bolstering expectations of higher interest rates from major central banks.
The spot price of gold declined by 0.3% to $4,334.31 per ounce at 0330 GMT, extending its losing streak to three consecutive weeks.
The rise in oil prices, driven by fresh Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf, has added to the uncertainty surrounding interest rates ahead of the U.S. Federal Reserve's policy meeting this week.
According to Tim Waterer, chief market analyst at KCM Trade, gold is facing pressure from rising energy prices and higher rate expectations.