Spot gold fell 3% to $3,867.96 an ounce on Thursday, its lowest since October 2025, as rising oil prices and fading hopes for a Middle East peace deal fueled inflation concerns. US gold futures fell 3.2% to $3,872 an ounce.
Spot gold slid for a third straight session, falling 3% to $3,867.96 per ounce by 10:01 a.m. ET after touching its lowest level since October 2025. US gold futures for December delivery fell 3.2% to $3,872 per ounce.
Oil futures rose more than 1% as hopes for a deal with Iran faded after President Donald Trump said the United States did not need one. The rise in oil prices fueled concerns about inflation and expectations that the Federal Reserve could keep interest rates higher for longer. A hot US consumer prices reading, hawkish remarks from Fed officials and a dollar index near a 19-month high also weighed on gold, market analyst Jim Wyckoff said.
Markets saw a 91% chance of a 25-basis-point rate hike in December, while the probability of a larger 50-basis-point move increased. Investors were awaiting US producer price data due Friday. Silver fell 3.33% to $49.97 per ounce, platinum lost 1.2% to $1,519.05, and palladium dropped 3% to $997.19.
