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Listen to this article in summarized format Fundamentals Spot gold was down 0.7% at $4,254.77 per ounce, as of 0010 GMT. US gold futures drifted 0.7% lower to $4,289.70. Iran insisted that only diplomacy can solve its conflict with the United States and Israel, after US President Donald Trump said he rejected an Iranian proposal to reopen the Strait of Hormuz and end fighting. Oil prices rebounded more than 1%. The Fed raised rates earlier this month, lifting its target rate range by a quarter percentage point to between 3.75% and 4%. According to CME's FedWatch Tool, traders are pricing in a 66% chance of a US rate hike in October. Higher energy prices can fuel inflation by raising costs across the economy. Gold is widely viewed as a hedge against inflation, but it can struggle in a high interest rate environment as rising yields increase the opportunity cost of holding the non-yielding metal. Cleveland Fed President Beth Hammack said on Friday she is concerned that persistently high inflation risks conditioning the American public to accept elevated prices as the norm, adding the central bank cannot let that happen. A survey showed US consumer sentiment slipped to a four-month low in September amid worries that rising inflation would erode households' purchasing power. Among other metals, spot silver fell 1% to $63.67, platinum was down 0.7% at $1,765.28 and palladium lost 0.7% to $1,257.70. No Data/Events Expected For Monday, September 28 (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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