Gold Price Drops Further

Gold prices continued to decline during early Friday trading, following a 2% decrease in the previous session. This came amid a rise in Brent crude oil prices above $100 per barrel, fueling fears of inflation and leading to expectations of a rate hike at the upcoming Federal Reserve meeting. As of 03:33 GMT, the spot price of gold fell by 0.4% to $4,030.09 per ounce, while U.S. gold futures declined by a similar margin to $4,033.20. This decline follows a two-week high that the yellow metal reached earlier in the week.

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