Gold Prices Plunge as Energy Costs Soar, Fed Rate Hike Looms

Gold prices continued their downward trend, plummeting to $4,262 per ounce after shedding over 2% in value over the past week.

The decline comes as energy prices remain high and investors anticipate another interest rate hike from the U.S. Federal Reserve, which some expect could happen next month with a 65% probability.

Bloomberg reports that gold's spot price dropped by 0.5% to $4,261.59 per ounce.

High oil prices are putting additional pressure on gold, as Brent has risen by approximately 70% since the beginning of the year, adding to inflation risks.