The decline in oil prices and the weakening of the dollar have driven gold prices to rise consecutively

According to Gate market data, on Wednesday, boosted by a weaker dollar and falling oil prices, gold prices rose for the third consecutive trading day. Spot gold reached $4,170 per ounce, hitting a new high since July 7, with an intraday increase of 2.29%.

OANDA senior market analyst Kelvin Wong stated that the connection between gold and oil prices still exists, and oil prices have a significant impact on inflationary pressures in the global economy. Traders expect a 59% probability of the Federal Reserve raising interest rates at the policy meeting on September 15-16, down from 67% the day before.