Gold prices fall on hopes of Middle East de-escalation
Gold prices decline amid hopes of a de-escalation in the Middle East conflict and expectations of tighter US monetary policy.
Gold prices fell on Tuesday amid hopes for a de-escalation of the conflict in the Middle East, following a report that Iran could reopen the Strait of Hormuz if the US takes initial steps to ease military pressure.
Richmond Federal Reserve President Tom Barkin said Tuesday that raising interest rates would help bring inflation back to the 2% target, while Boston Fed President Susan Collins also called for tighter monetary policy to curb inflation.
Investors are pricing in a 53% probability of a 25-basis-point rate hike at the Fed’s upcoming October meeting, according to the CME FedWatch Tool.
|
Changes in Precious Metals Prices |
|||
|
Metal |
Price ($/oz.) |
Change ($) |
Change (%) |
|
Gold (September) |
4,338.9 |
(6.90) |
(0.16%) |
|
Silver (September) |
65.932 |
(0.10) |
(0.16%) |
Commodity Price
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