Gold Slides Towards $4,000 Before Federal Reserve Meeting Arabian Post

(MENAFN- The Arabian Post) clearfix"> Gold prices fell on Friday and headed for their sharpest weekly decline in more than four months as rising energy costs reinforced expectations that the US Federal Reserve will keep interest rates elevated.

Spot bullion traded around $4,021 an ounce, extending its weekly loss to approximately 3.6 per cent. US gold futures dropped 0.6 per cent to about $4,035, bringing the psychologically important $4,000 threshold into sharper focus ahead of the central bank's October 27–28 policy meeting.

The retreat followed another difficult session on Thursday, when gold futures for October delivery settled at $4,042.80, down 2.12 per cent. The settlement marked their lowest level since early August, reflecting the growing pressure from bond yields and expectations of tighter monetary policy.

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