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Gold Slips as Investors Weigh Fed Rate Outlook

Gold prices eased for a fourth consecutive session on Wednesday as higher oil prices stoked inflationary concerns, with spot gold down 0.2% to $4,118.18 per ounce.
Oil prices edged higher on Wednesday on Middle East supply concerns, with traders wary of Red Sea shipping risks and threats to oil infrastructure in Saudi Arabia.
US gold futures for December delivery dropped 0.2% to $4,136.20, while spot silver slid 0.9% and palladium slipped 1.1%, showing broad weakness across precious metals.
Economists polled by Reuters expect the Federal Reserve to skip rate hikes this month, while traders see a 90% chance of a hike in December according to CME's FedWatch Tool.
Markets await Personal Consumption Expenditures data next week, the Federal Reserve's preferred inflation gauge. Ilya Spivak, head of global macro at Tastylive, said if rate hikes "fall out of the forecast," gold could rise.

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Gold Is Retreating to Fourth Session Due to Oil Rises and Inflationary Fears.

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Gold Is Retreating as Oil Rises and Inflationary Fears Rise.

Gold declined for the fourth consecutive session today, Wednesday, as rising oil prices fueled fears of inflation, while investors are awaiting a monetary policy meeting of the Federal Reserve Council (the Central Bank of the United States) next week to look for indicators of the interest path.

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