Gold rebounds as oil drops on higher supply
Gold prices rose today as expectations of interest rate hikes by the Federal Reserve declined, following American data showing a slowdown in jobs growth in September, which reduced the likelihood of an increase in rates in October. At the same time, oil prices fell due to increased crude exports from the Middle East and the G7's reduction of oil reserves, with Brent crude dropping to $101.7 per barrel and West Texas Intermediate to $90.20. Geopolitical tensions, including Houthi attacks on Aramco facilities, continue to support oil prices, while these tensions lead to fluctuations in financial markets and gold amid concerns over inflation and geopolitical developments.
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