Gold hits near one-week low on elevated oil prices
GLD•Gold held steady on Wednesday after touching its lowest level since October 15, as higher oil prices revived inflation concerns. Spot gold was at $4,127.53 an ounce, while Brent crude held above $110 a barrel.
1. Gold prices steady
Spot gold was at $4,127.53 per ounce by 1045 GMT, after falling to its lowest level since October 15 earlier in the session. U.S. gold futures for December delivery rose 0.1% to $4,145.70 per ounce.
2. Oil and rate outlook
Brent crude held above $110 a barrel as Middle East tensions raised fears of supply disruptions, reviving inflation concerns. Investors are awaiting next week’s Federal Reserve meeting and U.S. Personal Consumption Expenditures data; nearly all economists surveyed expect the Fed to hold rates steady this month before raising them in December.
