Gold Nears Weekly Low Amid Rising Interest Rate Hike Expectations

Gold prices stabilized on Friday near their lowest levels recorded in a week, amid increasing expectations of interest rate hikes in the United States. Investors are also awaiting the release of US consumer price index data later today. Gold recorded $4318.88 per ounce in spot transactions by 00:20 GMT, after previously touching its lowest level since September 2nd. Prices had fallen by approximately two percent yesterday, Thursday, following the announcement of data showing that US producer prices rose in August as expected.