PRECIOUS-Fed tightening bets weigh on gold prices

Gold prices have taken a hit, influenced by rising oil rates that have sparked inflation fears and suggested further interest rate hikes may be on the horizon. Spot gold decreased by 0.7%, with US gold futures mirroring the trend. Analysts warned that escalating energy costs may exacerbate inflation, prompting consumers to feel anxious about their financial stability. Additionally, declines were seen in other precious metals, including silver and platinum.