Oil prices plunge more than 9% over four days, weakening rate hike bets; gold price reverses into positive territory, edging higher

Zhito Finance APP has learned that gold prices edged higher as the sharp drop in oil prices over the past few trading sessions reduced the likelihood of further Federal Reserve rate hikes to curb inflation. Gold traded near $4,360 per ounce, reversing course after posting its biggest one-day drop in a week the previous day. Oil prices stabilized on Tuesday after falling more than 9% cumulatively over the previous four trading sessions, mainly due to easing market concerns about Middle East exports and the restart of a new round of diplomatic efforts aimed at ending the war between the United States and Iran.