Gold prices fall amid Goldman Sachs outlook

Gold prices have declined for the third consecutive week due to rising oil prices and increasing inflation concerns, with expectations that the U.S. Federal Reserve will raise interest rates this week. The spot price of gold decreased by 0.5% to $4,327.80 per ounce, while the market anticipates an 86% chance of a rate hike at the central bank's meeting in mid-September. Oil prices surged by more than 3% following attacks in the Gulf and a decline in diplomatic efforts, which adds to inflationary pressures. Meanwhile, Goldman Sachs still expects the price of gold to reach $4,900 per ounce by the end of 2026, despite market fluctuations.

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