Gold dips for fourth straight session

Gold prices declined for the fourth consecutive time today, Wednesday, due to rising oil prices and renewed inflation concerns. Investors are closely watching the U.S. Federal Reserve meeting next week, which influences interest rate trends. Spot gold fell by 0.2% to reach $4,118.18 per ounce, while December U.S. gold futures also dropped by the same percentage, settling at $4,136.20. Experts expect gold prices to remain under pressure, given the likelihood of no interest rate hikes this month, despite expectations of a hike in December, amidst ongoing economic tensions and inflationary pressures. Additionally, the rise in oil prices, linked to supply concerns in the Middle East, increases inflationary pressures and impacts the gold market, which is seen as a hedge under such conditions.

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