Gold extends losses to near one-week low on elevated oil prices
GLD•Gold fell for a fourth straight session, with spot prices down 0.1% at $4,121.27 an ounce after reaching their lowest level since October 15. Oil prices above $110 a barrel revived inflation concerns ahead of next week’s Federal Reserve meeting.
1. Gold extends decline
Spot gold was down 0.1% at $4,121.27 per ounce by 0910 GMT on Wednesday, after hitting its lowest level in nearly a week. U.S. gold futures for December delivery also fell 0.1%, to $4,139.50 per ounce.
2. Oil and rate outlook
Oil prices gained more than $1, with Brent futures above $110 a barrel, as escalating Middle East tensions raised concerns about supply disruptions. Investors are awaiting next week’s Federal Reserve meeting and U.S. Personal Consumption Expenditures data. A Reuters poll found nearly all economists expected the Fed to hold rates this month and raise them in December.
3. Other precious metals
Spot silver fell 1.3% to $57.2502 per ounce, platinum declined 1.1% to $1,630.11, and palladium dropped 2% to $1,080.92.
