Gold Stutters as Rate Hike Odds Increase
The prices of precious metals, particularly gold, came under pressure at the end of last week as investors increased their expectations of a U.S. Federal Reserve rate hike at its upcoming policy meeting. Meanwhile, trade figures from China highlighted a sharp rise in Russian gold entering the country through Hong Kong. Spot gold in London fell as much as 1% to around $4,385 an ounce before recovering above the closely watched $4,400 mark. The decline followed the previous week’s 1.2% drop, triggered by stronger-than-expected U.S. employment data that pushed the market-implied probability of a September rate increase close to 60%.…