- Gold fell 3% to $4,156.45 an ounce, its lowest in over seven weeks, as higher oil prices stoked inflation fears and reinforced the case for elevated interest rates.
- Markets price a 70.3% chance of a Fed rate hike in October, with US PCE and nonfarm payrolls data due this week as key catalysts.
- Spot silver fell nearly 5%, underperforming gold as the rate-hike repricing hit precious metals broadly.
Quotes
“Spot gold was down 3% at $4,156.45 per ounce”
“Markets see 70.3% chance of Fed rate hike in October”