Gold dips to $4,119 on oil-led inflation fears
Mettis Global • • 1 min read
Gold traded lower on Wednesday, with Mettis Global reporting spot bullion at $4,119.07 an ounce, down 0.54% at 10:14 am PST. The decline came as firmer oil prices revived concern about inflation and traders took a guarded stance before the Federal Reserve’s October 27-28 meeting.
Oil advanced amid worries over Middle East supplies, including shipping exposure in the Red Sea and potential risks to Saudi energy facilities. CME’s FedWatch Tool put the likelihood of an October rate increase at 16% at the low end, while its December reading was 90%. A steadier US dollar and upcoming US Personal Consumption Expenditures data also shaped attention, while silver, platinum and palladium fell 0.9%, 0.6% and 1.1%, respectively.
At a glance
- Spot gold fell 0.54% to $4,119.07 an ounce.
- Oil strength renewed inflation concerns ahead of the Federal Reserve meeting.
- Silver, platinum and palladium prices also declined.
Originally reported by Mettis Global
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