Gold drops as oil rises before Fed meeting

Gold prices have declined today, falling by 0.2% to approximately $4,122.49 per ounce, after reaching a seven-week high of $4,165.87. This comes amid rising oil prices due to escalating tensions in the Middle East and increased odds of tightening U.S. monetary policy following the upcoming Federal Reserve meeting. The appeal of gold has been affected by higher energy prices and geopolitical tensions, as oil surged to its highest levels in over six weeks after American strikes on Iran and attacks by the Houthis on oil tankers in the Red Sea.

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