Gold falls for fourth day amid rate worries

Gold prices have declined for the fourth consecutive time amid concerns over the continued rise in U.S. interest rates and its impact on demand. The prices fell by 0.2% to $4,115.96 per ounce in spot trading, while December futures declined to $4,133.60. The rise in oil prices, driven by tensions in the Middle East, is exerting inflationary pressures, which in turn boost expectations of tighter monetary policy from the Federal Reserve, with the likelihood of a rate hike increasing to 90% in December from 15% in October. Higher interest rates negatively affect demand for gold by increasing the cost of carrying the non-yielding metal, amidst a stable dollar and growing concerns about diminished demand for the precious metal.

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