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Gold prices steadied around $4,030 an ounce on Friday, trading near a three‑month low and putting the metal on track for a weekly loss of about 3%. The decline came as rising oil prices strengthened expectations that US interest rates will stay higher for longer.
Brent crude rose to its highest level in more than five months after Houthi attacks in Saudi Arabia intensified worries about further disruptions to global energy supplies. At the same time, US consumer and producer inflation data released last week came in hotter than anticipated, largely due to higher energy costs, bolstering the case for a more restrictive monetary stance.
Even so, Federal Reserve officials are still widely expected to keep rates on hold at their October 27–28 meeting. According to CME’s FedWatch Tool, markets currently price in only about a 9% chance of a rate increase next week, versus better than an 80% probability for a move in December. Investors are also awaiting the US PCE inflation report on October 29 for additional insight into the Fed’s progress toward its 2% inflation target.
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