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Gold drops more than 2% on US rate-hike bets

Gold prices fell more than 2% on Monday due to a rise in oil prices that heightened inflation concerns and reinforced expectations of further Federal Reserve interest-rate hikes. Spot gold was down 2.1% at $4,198.10 per ounce, while US gold futures fell 2.1% to $4,231.00. This decline is attributed to increased rate-hike expectations and higher energy costs.

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  • ✓ Gold prices fell more than 2% on Monday.
  • ✓ Spot gold was down 2.1% at $4,198.10 per ounce.
  • ✓ US gold futures fell 2.1% to $4,231.00.
  • ✓ The decline is attributed to increased rate-hike expectations and higher energy costs.
🛡️ Source Corroboration: 16 independent reporting domains (95% confidence) ⏱ Read time: ~2 min

What changed

Gold prices experienced a significant drop of over 2% on Monday, driven by increased expectations of US rate hikes and a rise in oil prices.

Live updates

  1. Gold drops over 2% on US rate-hike bets

    Gold prices fell more than 2% on Monday due to a rise in oil prices that heightened inflation concerns and reinforced expectations of further Federal Reserve interest-rate hikes. Spot gold was down 2.1% at $4,198.10 per ounce, while US gold futures fell 2.1% to $4,231.00. This decline is attributed to increased rate-hike expectations and higher energy costs.

    Why it matters

    The recent surge in oil prices has fueled inflation concerns, leading to expectations of further interest-rate hikes by the Federal Reserve. This has negatively impacted gold prices, as higher interest rates increase the opportunity cost of holding non-yielding assets like gold. The current economic environment is characterized by high inflation and a strong US dollar, which has put pressure on gold prices.

    What is confirmed

    • Gold prices fell more than 2% on Monday.
    • Spot gold was down 2.1% at $4,198.10 per ounce.
    • US gold futures fell 2.1% to $4,231.00.
    • The decline is attributed to increased rate-hike expectations and higher energy costs.

    What to watch next

    • Federal Reserve interest-rate decisions
    • US inflation data releases
    • Crude oil price movements
    Sources used for this update (19)
    1. Reuters — Gold drops more than 2% on US rate-hike bets
    2. FOREX.com — Gold Price Forecast: XAU/USD Avoids Breakdown as Yields Surged but Can it Continue?
    3. Bloomberg.com — Gold Slumps as Hormuz Impasse Keeps Rate-Hike Bets Elevated
    4. Investing.com — Gold falls below $4,300 as oil, Fed hike bets keep pressure on bullion
    5. TradingView — Gold’s next leg higher faces hurdle as yields rise, Fed rate-hike bets return
    6. KITCO — Gold will continue to feel the pain as 10-year bond yields hit 5.15% - Forex.com’s Razaqzada
    7. WSJ — Gold Falls on Expectations of Higher for Longer Fed Rates
    8. KITCO — Gold caps weekly loss as Fed bets, 5.2% yields limit rebound - Kitco PM Report
    9. www.marketscreener.com — Gold drops more than 2% on US rate-hike bets
    10. timesofindia.indiatimes.com — Gold, Silver rate today live updates: Gold drops more than 2 % as oil surge boosts US rate hike bets
    11. www.thestar.com.my — Gold drops more than 2% on US rate-hike bets - The Star
    12. english.aawsat.com — Gold Drops More than 2% on US Rate-hike Bets
    confidence 95%
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