Gold slips to near two-week low on Fed rate hike bets
GLD•Gold falls as rate-hike expectations rise
Gold fell on Monday, hovering near a two-week low, as investors assessed growing expectations of a Federal Reserve rate hike following hawkish comments from Chair Kevin Warsh as a surge in oil prices further added to inflation concerns.
Spot gold XAU= fell 0.4% to $4,433.19 per ounce by 01:39 p.m. EDT (1739 GMT), having touched its lowest level since August 19 earlier.
Still, the metal remained set for its strongest monthly performance since January, with prices up 9.7% so far.
U.S. gold futures GCcv1 for December delivery dropped 1.1% to settle at $4,481.50.
Higher yields, dollar strength and oil prices weigh
"The biggest reason right now is higher interest rates, higher inflation expectations, driven by energies and drawdown of oil inventories," said Daniel Pavilonis, senior market strategist at Stone X.
