Gold falls on growing Fed rate hike bets ahead of policy meeting
GLD•Gold slips as Fed hike bets rise
Gold prices slipped on Monday, as expectations of a U.S. Federal Reserve interest rate hike this week strengthened after recent hot inflation data and rallying oil prices.
Spot gold XAU= was down 1.3% at $4,292.13 per ounce by 1050 GMT, after posting a third straight weekly decline on Friday. U.S. gold futures GCcv1 dropped 1.7% to $4,332.10.
The dollar firmed at an over one-week high, making greenback-priced bullion more expensive for holders of other currencies.
"Markets are now fully pricing in a Fed rate hike following last week's CPI data. At the same time, the renewed rise in oil prices could reinforce inflation concerns and keep the Fed on a hawkish footing," said UBS analyst Giovanni Staunovo.
Other metals decline as oil rises on Gulf attacks
Oil prices rose about 3% on Monday, after new strikes on Saudi Arabian energy and civilian infrastructure and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.
Middle East diplomacy appeared to falter heading into Monday with the postponement of a meeting between Iran and other Gulf powers.
Among other metals, spot silver XAG= slid 2.6% to $62.78 per ounce, platinum dipped to , and palladium fell to .
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