Gold prices continue to decline
Istanbul, October 23 (Hibya) - Gold prices per ounce declined as rising oil prices fueled inflation concerns, alongside expectations regarding the U.S. Federal Reserve's interest rate policy. Spot gold was heading for its steepest weekly loss in more than four months, with a weekly decline of 3.5 percent.
Gold prices continued their downward trend on Friday, October 23. Spot gold fell 0.2 percent to $4,016.27 per ounce. During the day, gold reached its lowest level since July 20 and recorded a weekly loss of 3.5 percent.
Rising oil prices following tensions in the Middle East increased inflation concerns, putting pressure on gold prices. Expectations that higher energy costs could keep interest rates elevated for longer limited demand for gold, which does not yield interest.
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