Gold set for four-month weekly dip
Gold prices declined today, heading towards the biggest weekly drop in four months, driven by rising oil prices and strong US economic data that bolster expectations for the Federal Reserve to keep interest rates high for longer. The spot price of gold fell to $4,018.69 per ounce, marking the lowest level since August, while US futures contracts for the same month dropped to $4,033.70. Additionally, the rise in oil prices has increased the likelihood of continued US interest rate hikes, reducing gold's appeal as an alternative investment, and shifting market attention to the upcoming Federal Reserve meeting scheduled for October 27 and 28.
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