Rising Oil Prices Intensify Rate Hike Expectations, Gold and Silver Prices Decline

On Monday, precious metal prices continued to decline, with spot gold dropping nearly 3% during the day and spot silver plunging 5%. The rise in oil prices has heightened inflation concerns, reinforcing market expectations for further interest rate hikes by the Federal Reserve. Tim Waterer, Chief Market Analyst at KCM Trade, stated that the combination of high bond yields and high oil prices is putting pressure on gold. Investors will be focusing on U.S. employment and inflation data, including job vacancies, the ADP employment report, the PCE inflation report, and the non-farm payroll report.

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