Gold slides over 1% to $4,349.32 as US inflation and oil prices lift rate-hike bets
AI Market Summary
Gold fell over 1% as stronger US inflation signals and rising oil prices increased expectations of tighter Fed policy, lifting the probability of a near-term rate hike and pushing Treasury yields and the dollar higher. Higher real yields and a firmer USD raise the opportunity cost of holding non-yielding bullion, pressuring gold and dragging other precious metals lower in tandem.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-1.78%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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International gold prices fell more than 1% on Thursday, with spot gold at $4,349.32 an ounce and US gold futures settling at $4,391.30. Hotter inflation signals from the US, alongside rising oil prices, reinforced expectations that the Federal Reserve will keep policy tighter. Traders now see a 70% chance of a Fed rate hike next week, up from 62% before the data, according to the CME FedWatch Tool. Other precious metals also declined, with silver down 4.2%, platinum down 4.9% and palladium down 4.3%.
