Gold falls fourth session amid rising oil and inflation

Gold prices have declined for four consecutive sessions, falling to $4,119 per ounce, amid rising oil prices and inflation concerns. Investors are closely watching the Federal Reserve's upcoming meeting on October 27-28, as interest rate decisions are linked to market trends. Oil prices have surged to their highest level since May, while survey results suggest a steady likelihood of holding interest rates unchanged in October, with a possibility of hikes in December. This fuels expectations of rate increases impacting gold prices. Additionally, the continued rise in oil prices intensifies inflationary pressures, further complicating monetary policy decisions. Markets are also monitoring US personal consumption expenditure (PCE) data to bolster expectations regarding inflation and monetary policy directions.

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