Spot gold fell 2.9% to $3,871.31 an ounce on Thursday, after hitting its lowest level since October 2025, as oil gains and a stronger dollar fueled inflation and interest-rate concerns. U.S. gold futures fell 3.2% to $3,872 an ounce.
Spot gold fell for a third straight session, down 2.9% to $3,871.31 an ounce by 12:30 p.m. ET after touching its lowest level since October 2025. U.S. gold futures for December delivery fell 3.2% to $3,872 an ounce.
Oil rose more than 1% after President Donald Trump said the United States did not need a deal with Iran, stoking fears of higher inflation and interest rates staying elevated. A hot U.S. inflation reading, hawkish remarks from Federal Reserve officials and the dollar's rise to a near 19-month high also pressured gold. Markets saw a 91% chance of a 25-basis-point rate hike in December, while the probability of a 50-basis-point move increased.
Investors are awaiting U.S. producer price index data due Friday for clues on the monetary policy outlook. Spot silver fell 3.3% to $49.99 an ounce, platinum lost 1.1% to $1,520.69 and palladium dropped 3% to $996.99.
