Eco
Gold prices experienced a decline on Monday, influenced by rising oil prices and renewed inflation concerns. This situation strongly boosted market expectations that the US Federal Reserve would move to raise interest rates during its scheduled meeting this week. Spot gold registered a 0.3% drop, reaching $4334.31 per ounce by 03:30 GMT. This decline followed its third consecutive weekly fall recorded on Friday. US gold futures also decreased by 0.8%, settling at $4375 per ounce. The downturn in gold prices is attributed to heightened expectations of a US rate hike, especially after data revealed an acceleration in US consumer prices during August, alongside a key core inflation measure registering its largest increase in four months. Concurrently, spot silver fell by 0.7% to $64.02 per ounce, while platinum remained stable at $1796.90, and palladium saw little change, recording $1298.80 per ounce.
