Gold drops over 3 percent

Gold prices today decreased by 0.1% to reach $4,018.69 per ounce, marking the lowest level since August, with the metal heading towards its biggest weekly decline since June at 3.4%. This decrease is attributed to rising oil prices following Houthi attacks on Saudi Arabia and increased expectations that the Arab Federal Reserve will keep interest rates high for a longer period, reducing the appeal of gold, which provides no yield. The market is currently focused on the upcoming U.S. Federal Reserve meeting at the end of October and upcoming personal consumption expenditure data. There is less than a 7% chance that interest rates will be raised next week, compared to an 81% probability of a rate hike in December.

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