Gold Is Down 3.5% This Week, Its Steepest Drop Since June

Gold was down 3.5% for the week at 8:10 a.m. ET Friday, its steepest weekly loss since June, as higher oil prices revived U.S. rate concerns.

Spot gold was at $4,023.95 at 8:10 a.m. ET (12:10 UTC), marking its second consecutive weekly decline. TokenPost previously covered a spot-gold snapshot below $4,000.

At the same observation, silver was down 1.3% at $53.84 an ounce, platinum fell 0.8% to $1,558.18 and palladium slipped 0.6% to $1,047.69.

Brent crude futures settled Thursday at $113.17 a barrel, up 4%. Gold pays no interest, so higher real rates can make yield-bearing investments more attractive by comparison. “The rise in oil prices could result in real interest rates remaining higher for longer,” said Hamad Hussain, climate and commodities economist at Capital Economics.

U.S. consumer prices rose 0.6% in September from August and 3.7% from a year earlier; gasoline prices climbed 9.1%. Producer prices gained 1.3% for the month.

The Federal Reserve's next meeting is scheduled for Oct. 27-28, and the personal consumption expenditures (PCE) price index is due Oct. 29.