Gold prices declined today as investors expect the Fed to raise interest rates at this week's meeting. At 00:20 Thailand time, COMEX December gold futures fell $54.40, or 1.23%, to $4,354.50 per ounce, while spot gold fell $13.50, or 0.30%, to $4,310.80 per ounce. Gold prices remain under pressure from surging oil prices, a stronger dollar, and rising US government bond yields. West Texas crude oil jumped above $103 per barrel and Brent topped $108 per barrel after Saudi Arabia announced the closure of the East-West Pipeline amid attacks by the Houthi group. Meanwhile, the CME Group's FedWatch Tool indicates that investors assign a 90.3% probability that the Fed will raise interest rates by 0.25% at its September 16 meeting, and a 9.7% probability that it will hold rates steady. Investors are watching remarks by Fed Chair Kevin Warsh, as well as the Dot Plot report and US economic projections including GDP, the unemployment rate, and the inflation rate.
CME Group Inc