Gold Falls Below $4,400 Amid Rising Oil Prices and Rate Hike Expectations

Gold prices have fallen below $4,400 due to rising oil prices, a stronger US dollar, and higher Treasury yields.

The recent decline in gold is partly attributed to increased expectations of a Federal Reserve rate hike, with the probability of a 25-basis-point Fed rate hike at the September meeting rising to around 70% following the latest inflation data.

Higher oil prices are contributing to higher inflation expectations, which could lead central banks, particularly the Fed, to maintain tighter monetary policy.