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Gold Falls Below $4,000 for the First Time Since July as Oil Climbs
Spot gold slipped to $3,998.49 on Friday, its first move under $4,000 since mid-July, as oil kept rate-hike bets alive before the Fed meets.
Gold lost $4,000 on Friday. Spot gold fell 0.6% to $3,998.49 an ounce by 2:27 p.m. ET, its first trip below that mark since mid-July, CNBC reported.
The pressure runs through the Fed. Oil near five-month highs keeps inflation fears alive, and traders put a 78% chance on a December rate hike in CME's FedWatch tool, per CNBC. Higher rates make assets that pay no yield, gold and bitcoin among them, harder to hold. Bitcoin slipped below $81,000 the same evening.
Selling gold to cover stock losses
Jim Wyckoff of American Gold Exchange said margin calls from the tech selloff pushed investors to sell gold and silver. "Heightened inflation concerns suggest that major central banks of the world won't be able to ease monetary policies as quickly as they want to," he said, according to CNBC.
Kitco put Friday's low at $3,975.10. Late in the session, spot gold sat near $3,995.81, down 0.7%, per Kitco. The metal fell about 4% on the week, its worst since June.
Silver did worse. It slid about 1% to $53.97, its lowest since November 2025, CNBC said.
Inflation data lands a day after the Fed
Traders see a 92% chance the Fed holds on Oct. 28, per CNBC. The PCE inflation report, the Fed's preferred gauge, follows on Oct. 29.
Sources: CNBC · Kitco · Kitco · Anadolu Agency
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