Gold Rate Today Under Pressure as Soaring Crude Oil Price Fuels US Fed Rate Hike Buzz | Resistance, Support to Outlook
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4 Articles
Gold rate today under pressure as soaring crude oil price fuels US Fed rate hike buzz | Resistance, support to outlook
Gold price today: The COMEX gold price closed the week on a negative note at $4,408.9, pulling back sharply from the $4,500 zone after touching a high of $4,488.80
The gold rush in the international market has been put on hold. The unprecedented rise in crude oil prices in the wake of rising tensions between the US and Iran, resulting in inflation
Following the US inflation data, the probability of a Fed interest rate hike exceeded 86%, reaching a peak. In response, gold rose 0.75% on the last trading day of the week. Analysts say that interest rate expectations are already priced in to some extent; several factors, such as central bank purchases, government debt, and geopolitical risks, are supporting gold. Trive Investment, however, predicted that an interest rate hike could soften the …
COMEX gold closed up $1.60 at $4,408.90 per ounce, recovering after a sharp drop earlier, as the market awaits next week's Federal Reserve meeting. Investors give an 87% probability of a 0.25% interest rate hike. The post “Gold” closes up $1.60, Fed awaits interest rate hike next week appeared first on Business Online Stock News.
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