Gold fell on Friday after rising oil prices and firm U.S. inflation data strengthened market expectations that the Federal Reserve could raise interest rates again later this year. The move came as investors reassessed the policy outlook following an acceleration in U.S. inflation for September.
Tim Waterer, chief market analyst at KCM Trade, said the decline in gold was putting technical support near the $4,000 level under pressure. His comments tied the metal’s weakness to a market environment in which higher inflation and energy prices were reinforcing expectations for tighter monetary policy.
The report said the September inflation reading in the United States added support to expectations that the Fed will deliver a rate hike in December. The combination of stronger inflation and higher oil prices has pushed rate expectations higher, weighing on gold prices at the end of the week.
Gold fell on Friday as rising oil prices and strong U.S. inflation data boosted expectations that the Federal Reserve could raise interest rates again later this year.
Tim Waterer, chief market analyst at KCM Trade, said the drop in gold was testing technical support near the $4,000 mark.
U.S. inflation accelerated in September, reinforcing expectations for a Fed rate hike in December.
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