Gold heads for biggest weekly drop in four months on US data
Gold prices fell on Friday, set for their steepest weekly decline since June, pressured by strong US economic data and rising oil prices.
Key Takeaways
AISpot gold prices slipped 0.1 percent on Friday to $4,018.69 per ounce, marking their lowest level since August 3.
Gold has dropped about 3.4 percent since the start of the week, heading for its largest weekly decline since June.
US gold futures for December delivery fell 0.6 percent to $4,033.70 per ounce.
The decline is attributed to higher oil prices and robust US economic data, which have reinforced expectations that US interest rates will remain elevated for longer.
Among other precious metals, silver fell 0.1 percent to $54.46 per ounce, platinum dropped 0.4 percent to $1,563.67, and palladium slipped 0.5 percent to $1,051.00. These metals are also on track for weekly losses.