Gold slides 1.2% to $4,349.32/oz as oil jump lifts Fed hike odds to 70%
AI Market Summary
Gold slid over 1% as a 4% oil spike lifted inflation concerns and pushed markets to price a higher probability of a near-term Fed hike. A stronger USD and rising US Treasury yields increased the opportunity cost of holding non-yielding bullion, amplifying downside pressure. The ECB's additional tightening reinforces the global rates headwind. Focus now shifts to upcoming PCE inflation data for confirmation.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-1.72%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Spot gold fell 1.2% to $4,349.32 an ounce, while U.S. gold futures slid 1.6%. A sharp rise in oil prices and fresh U.S. inflation data pushed expectations for a Federal Reserve rate hike higher, with the implied odds rising to 70%. A firmer dollar and higher U.S. Treasury yields added pressure on bullion, while Brent crude touched $105 a barrel. Markets are also watching upcoming PCE data for further signals on inflation.
