Gold prices edged lower on Monday as rising oil prices heightened inflation concerns and strengthened expectations that the US Federal Reserve could raise interest rates at its monetary policy meeting this week.
اضافة اعلان
By 0119 GMT, spot gold was down 0.5% at $4,327.80 per ounce, after falling for a third consecutive week on Friday. US gold futures for December delivery fell about 1% to $4,368.60.
According to CME Group’s FedWatch tool, traders are pricing in an approximately 86% chance of a US interest rate hike at the Federal Reserve’s September 15-16 policy meeting, up from around 67% before last week’s inflation data was released.
Data released Friday showed that US consumer price inflation accelerated in August, while one key measure of underlying inflation posted its largest increase in four months, reinforcing expectations that the Federal Reserve will raise interest rates this week.
Oil prices jumped more than 2% on Monday after renewed Houthi attacks on Saudi Arabia and Iranian attacks on vessels in the Gulf intensified concerns over supplies following the closure of a major Saudi oil pipeline.
Diplomatic efforts in the Middle East also appeared to be stalling after a meeting between Iran and other Gulf states was postponed.
Goldman Sachs said on Friday that it still sees upside risks to its forecast for gold to reach $4,900 per ounce by the end of 2026, although it expects price volatility to remain elevated.
Among other precious metals, spot silver fell 1.1% to $63.75 per ounce on Monday, while platinum declined 0.8% to $1,782.50 and palladium dropped 0.7% to $1,290.36.
