Gold slips as Fed decision looms

Gold prices have declined, struggling to avoid the biggest weekly drop in over four months, as oil prices rise and expectations increase for a U.S. interest rate hike. The spot price of gold dipped to around $4,018.69 an ounce, hitting its lowest level since August, with a decline of 3.4% since the start of the week. Futures also fell by 0.6%. This reflects a roughly 4% increase in oil prices and the impact of ongoing expectations that U.S. interest rates will continue to rise, which are now projected to reach 81% by next December. This increases the cost of holding non-yielding gold. Markets are now heading into the Federal Reserve meeting scheduled for October 27-28, with particular focus on consumer spending data. Meanwhile, market expectations suggest that the Fed will keep raising interest rates for a prolonged period, exerting pressure on the yellow metal's prices.

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