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Gold drops fourth day over rate worries
Gold prices in the spot market declined for four consecutive sessions due to rising oil prices, which have heightened inflation concerns and reinforced expectations of tightening US monetary policy. Gold fell by 0.2% to approximately $4,116 per ounce, while December futures contracts dropped to $4,134. The market anticipates that the Federal Reserve will keep interest rates steady at its upcoming meeting, with a 90% chance of a rate hike in December. This prospect exerts downward pressure on the yellow metal, as higher rates increase the opportunity cost of holding gold. Meanwhile, oil prices climbed amid escalating tensions in the Middle East, fueling fears of supply disruptions. Other metals, such as silver, platinum, and palladium, declined between 1.3% and 1.6%.
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