Gold faces largest weekly decline
Gold prices have significantly declined, marking the largest weekly drop in over four months, due to rising oil prices and strong US economic data that boost expectations of an extension of the Federal Reserve's high interest rate policy. The spot price of gold fell by 0.3% to reach $4,014.69 per ounce, the lowest level since August, after dropping around 3% on Thursday. As a result, gold has decreased by 3.4% since the beginning of the week. US gold futures also declined by 0.6% to $4,033.70. Other precious metals, such as silver, platinum, and palladium, experienced similar declines, recording weekly losses.
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