Gold Prices Decline as Expectations of US Rate Hikes Grow

Gold prices moved lower on Friday amid rising expectations that the US Federal Reserve could raise interest rates, driven by higher oil prices and inflation data pointing to continued price pressures in the United States.

Spot gold fell 0.5% to $4,000.54 per ounce, while US gold futures for December delivery dropped by the same percentage to $4,010.10 per ounce.

Other precious metals also recorded losses, with spot silver declining 1.6% to $51.53 per ounce. Platinum prices fell 1.9% to $1,459.75, while palladium slipped 1.4% to $992.37 per ounce.