Gold prices end in red as investors assess interest rate bets

Gold prices closed in the red today, Sept. 6, pressured by a stronger US dollar amid market forecasts that US interest rates will remain high during the coming period.

Bullion for December delivery tumbled by 0.45%, or $8.40, to finish at $1,944.20 per ounce, bringing its losses since the end of last week to more than 1%.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, settled at 104.85 points at 08:44 pm Makkah time, after hitting in early trading its highest peak since mid-March.

Earlier today, in prepared remarks, Boston Federal Reserve President Susan Collins advocated a patient approach to policymaking, saying she needs more evidence to convince her that inflation has been tamed, CNBC reported.

She underlined that more interest rate hikes could be needed depending on how the forthcoming data shakes out from here.

Traders are now seeing a near certainty that the US central bank will hold steady on its benchmark funds rate at the rate-setting committee meeting later this month, with a 42% chance of a rate hike ahead of 2024.