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وكالة بغداد اليوم الاخبارية
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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