Gold Prices Decline Amid Stronger Federal Reserve Rate Hike Expectations

Gold prices fell to around $4,400 an ounce, influenced by increased market expectations for interest rate hikes from major central banks, including the US Federal Reserve. This sentiment follows a robust US jobs report in August, which pushed bond yields higher and fueled inflation concerns amid elevated oil prices. Markets are currently pricing in a 60% chance of a 25-basis-point Fed rate hike next week.