Gold Heads for Steep Weekly Loss on Rate Fears
Gold prices are sliding toward their steepest weekly decline in over four months as elevated oil costs fuel concerns over persistent Federal Reserve interest rates. Spot gold eased to $4,013.34 per ounce while investors await the upcoming central bank policy meeting.
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Gold fell 0.3% to $4,013.34 per ounce on Friday morning, heading toward its steepest weekly decline in over four months. The drop comes as elevated energy costs fuel expectations of higher interest rates in the United States. Prices touched their lowest level since July 20 during the session, bringing the metal's weekly loss to 3.6%.
