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Gold drops over 1% as oil rally reinforces higher-for-longer rate outlook
Gold fell more than 1% on Thursday as rising oil prices stoked inflation concerns and reinforced expectations that interest rates could stay higher for longer, while investors awaited next week’s Federal Reserve meeting for clues on the policy outlook. Spot gold slid 1.1% to $4,094.90 per ounce by 0333 GMT, hitting its lowest since October 14. US gold futures for December delivery dropped 0.9% to $4,111.40. If oil prices continue to rise, inflation expectations could increase, raising the likelihood of higher interest rates over the longer term and weighing on gold, said Kelvin Wong, a senior ...
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