Gold slips as hotter US inflation lifts Fed hike bets, oil stokes price pressures

Gold prices slipped on Monday as U.S. inflation data surpassed expectations, raising the likelihood of a Federal Reserve interest rate hike later in the week, according to Investing.com. The precious metal slipped to $4,340 an ounce, down 1.8% for the week, as higher borrowing costs make yield-producing assets more attractive. Simultaneously, surging oil prices added to inflation concerns, with Brent crude nearing $107 a barrel amid ongoing Middle East conflict disruption.

ANZ maintained a constructive outlook on gold, anticipating further monetary tightening due to geopolitical disruptions and higher energy prices, while forecasting a 12-month price target of $5,400 an ounce.

Brief written by urgent.news from Investing.com's own syndicated text. Machine-written — may contain errors; check the original before relying on it.