Gold Retreats Amid Renewed Inflation Fears and Anticipation of US Rate Decision
Prices of gold, silver, platinum, and palladium fell today, Monday, influenced by rising oil prices, inflation concerns, and anticipation of a rate hike by the Federal Reserve.
Translated by Qiyas from السياسة — Original source
Gold prices dipped slightly on Monday, weighed down by rising oil prices that heightened inflation concerns and bolstered expectations that the U.S. Federal Reserve may raise interest rates at its monetary policy meeting this week.
By 01:19 GMT, spot gold fell 0.5 percent to $4,327.80 per ounce, extending its third consecutive weekly decline recorded on Friday. U.S. December gold futures also dropped about 1 percent to $4,368.60.
Among other precious metals, spot silver fell 1.1 percent to $63.75 per ounce on Monday, platinum declined 0.8 percent to $1,782.50, and palladium dropped 0.7 percent to $1,290.36.
