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Gold heads for steep weekly loss as oil prices fuel Fed rate concerns
Gold eased on Friday, headed for its steepest weekly decline in over four months as elevated oil prices bolstered higher-for-longer interest rate expectations, while investors awaited next week’s Federal Reserve policy meet. Spot gold eased 0.2% to $4,016.27 per ounce by 0351 GMT, paring losses slightly after touching its lowest level since July 20 earlier in the session. The metal has fallen 3.5% so far this week, which is poised to be its worst since June. US gold futures for December delivery dropped 0.7% to $4,030.40. Speculators are trying to defend the key $4,000 level for gold because a...
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