Gold falls as higher oil and US inflation data lift rate bets
In short
Gold prices fell on Friday. Spot gold was down 0.6% at $3,997.39 an ounce by 0255 GMT, and December gold futures slipped 0.6% to $4,007.80.
This matters because traders are betting the US Federal Reserve may keep rates higher for longer. The report says bullion is heading for a second straight monthly decline, but it does not give the inflation numbers.
What the reporting says
Gold slipped on Friday as higher oil prices and US inflation data strengthened bets on Fed rate hikes, according to the market summary. Spot gold fell 0.6% to $3,997.39 an ounce by 0255 GMT, and December gold futures dropped 0.6% to $4,007.80. The report also says bullion is headed for a second straight monthly decline, but it does not state the exact inflation figures behind the move.
Why it matters
The market summary says gold weakened as higher oil prices and US inflation data increased expectations of Federal Reserve rate hikes. Spot gold was down 0.6% at $3,997.39 an ounce, while December futures fell 0.6% to $4,007.80. The source adds that bullion is heading for a second straight monthly decline, but it does not specify the inflation readings or any later price rebound.