Gold Drops Amid Rising Oil and Inflation

Gold has declined for the fourth consecutive session due to rising oil prices and increasing inflation concerns. Investors are also awaiting the upcoming Federal Reserve meeting to discuss the path of interest rate hikes, with expectations of a rate increase in December. Oil prices have risen amid fears over supply disruptions in the Middle East, especially given the threats to Saudi Arabia's oil infrastructure. Most economists expect the Federal Reserve to hike interest rates in December, which could pressure the gold market and reduce demand, especially with the dollar index remaining stable and forecasts of upcoming U.S. personal consumption expenditure data.

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