Gold Approaches Four-Month Weekly Low

Gold prices declined sharply, marking the biggest weekly drop in over four months, due to rising oil prices and US economic data confirming the continuation of interest rate hikes. The spot price of gold reached its lowest level since August, decreasing by 3.4% since the start of the week. Meanwhile, oil prices rose by over 4%, reaching their highest level in five months, fueling inflation fears and negatively impacting demand for the yellow metal. Strong US labor market data also fueled expectations of ongoing interest rate increases, with markets closely watching the Federal Reserve’s October meeting, where a 7% rate hike is expected, while the probability of a rate increase in December stands at 81%. Other precious metals like silver, platinum, and palladium also declined amid a strengthening US dollar and rising treasury yields.

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