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Gold Set for Four-Month Low
Gold prices have declined significantly, marking the largest weekly drop in over four months, due to rising oil prices and strong US economic data that reinforced expectations of keeping interest rates high. The spot gold price fell by 0.1% to approximately $4,018.69 per ounce, reaching its lowest level since August, representing a 3.4% decline since the start of the week. Meanwhile, December US gold futures decreased by 0.6%. The increase in energy prices, which rose by about 4%, contributed to inflation fears, increasing the cost of holding the non-yielding metal. US labor market data showed a decline in unemployment benefit claims to the lowest level in 57 years, reflecting a strong labor market and continued job growth. Markets are awaiting the Federal Reserve’s decision on interest rate hikes at its upcoming meeting, with expectations of only a 7% increase, compared to an 81% chance of a potential rise in December. All other precious metals also declined, with silver, platinum, and palladium falling, linked to the strength of the dollar and the resilience of US Treasury bond yields.
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