Gold Slips Toward $4,350 as Oil Prices Stoke Inflation and Fed Hike Bets
Gold traded near $4,350 in early Asian hours on Wednesday as rising oil prices fueled inflation concerns and strengthened expectations for a Federal Reserve rate hike.
XAUUSD
Spot gold eased toward $4,350 during early Asian trading on Wednesday, according to the report. The move comes as higher oil prices add to inflation worries and reinforce expectations that the Federal Reserve may raise interest rates.
Traders are now turning their attention to upcoming US inflation data, which could shape the next move in the precious metal and near-term dollar direction.
The XAU/USD pair is under pressure as firmer rate-hike expectations tend to weigh on non-yielding assets.
Source: FXStreet Forex News