Gold drops 0.7% to $4,061.35/oz as U.S.-Iran strikes lift oil and rate-hike bets
AI Market Summary
Renewed U.S.-Iran strikes lifted oil, reinforcing inflation concerns and strengthening market pricing for three Fed rate hikes this year (around 80% odds for a December move). Higher real-rate expectations weighed on non-yielding gold, which fell about 0.7% and remains on track for a fourth consecutive monthly loss. Near-term focus shifts to ADP and nonfarm payrolls for confirmation of the Fed policy path.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT+1.18%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Fresh U.S.-Iran military strikes over the weekend in the Gulf helped push oil prices higher, adding to inflation concerns and reinforcing expectations for three Federal Reserve rate hikes this year, with markets pricing about an 80% chance of a December increase. Spot gold fell 0.7% to $4,061.35 per ounce. The metal was headed for a fourth straight monthly decline, bringing the cumulative drop to 10.4%.
