Gold dips for fourth session as oil rally fans inflation concerns

Gold recorded a fourth consecutive daily decline on Wednesday, with spot prices down 0.1% to $4,119.37 an ounce at 0516 GMT, Business Recorder reported. December US futures also lost 0.1%, reaching $4,137.00. Oil’s advance, linked in the report to concerns about Middle East supply and Red Sea shipping, added to inflation worries.

Investors are watching the Federal Reserve’s October 27-28 meeting and next week’s US inflation data for clues about rates. Traders put the likelihood of an October hike at 15%, while the market-implied chance of a December increase stood at 88%, according to CME’s FedWatch Tool. A steadier dollar and the higher-rate outlook also weighed on bullion; silver, platinum and palladium prices fell as well.