Gold falls to 3 month low as oil nears $115 and Fed keeps rates high

Gold prices have declined to their lowest point in three months, despite a surge in oil prices driven by intensifying geopolitical tensions. Spot gold hovered near $4,024 on October 23 after briefly touching $3,986.50, placing the precious metal on course for a weekly loss of around 3.5%. Brent crude advanced towards $115 per barrel on Friday, reaching a level not seen since May after renewed attacks targeted Saudi Arabian energy assets. Supply concerns deepened as incidents disrupted Saudi Aramco operations earlier in the week, fueling a rally that saw oil climb from $112 to $115 per barrel in just days.

Source: CoinTurk News