Forex
Gold Prices Slide as Oil Rally Fuels Rate Hike Expectations
Gold prices declined on Monday as rising oil prices fueled inflation concerns, increasing expectations of a U.S. Federal Reserve interest rate hike at its upcoming policy meeting.
The spot gold price slipped 0.3% to $4,334.31 per ounce by 0330 GMT after posting a third consecutive weekly decline on Friday.
Tim Waterer, chief market analyst at KCM Trade, attributed the decline in gold prices to 'rising energy prices plus climbing rate expectations ahead of the Fed and BOJ meetings'.
The data last week showed U.S. consumer prices accelerated in August, while a key measure of underlying inflation posted its largest increase in four months.