Analyst Giulia Petroni said gold is on track to post a weekly decline of more than 2%, with the move tied to a surge in oil prices, higher bond yields, and firmer expectations for a rate hike. New York gold futures briefly fell 0.5% to $4,383.9 an ounce. Markets are now focused on the consumer price index data due on Friday, while traders are pricing in a 67% probability that the Federal Reserve will raise rates next week. The figures point to a market that remains highly sensitive to inflation data and shifting policy expectations.
Analyst Giulia Petroni said gold is expected to post a weekly decline of more than 2%, as surging oil prices, rising bond yields, and strengthening expectations for a rate hike weigh on the metal.
New York gold futures briefly fell 0.5% to $4,383.9 per ounce. The market is closely watching the consumer price index, or CPI, data due on Friday. Traders are pricing in a 67% chance that the Federal Reserve will raise interest rates next week.
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