Gold prices fell as rising oil prices fueled inflation concerns
Gold prices fell on Friday as higher oil prices and strong US inflation data expectations for a possible Federal Reserve interest rate hike later this year spurred concerns. The yellow metal is on track to log monthly losses for a second consecutive month. 
Meanwhile, the US dollar index—which measures the greenback’s performance against six major currencies—fell 0.20% to trade at 101.83 points.
Annual core inflation in Japan’s capital reached 2.6% in October, notably above the central bank’s 2% target, Reuters reported.
According to CME Group’s FedWatch tool, traders now see a 75% probability of an interest rate hike at the Federal Reserve’s December meeting.
Changes in precious metals prices
Metal
Price ($/ounce)
Amount of change ($)
Change (%)
Gold(December delivery)
3998.10
(33.30)
(0.85%)
Gold(spot)
3987.72
(33.80)
(0.85%)
Silver(December delivery)
51.01
(1.38)
(2.65%)
Silver(spot)
50.9231
(1.23)
(2.35%)
Platinum(spot)
1447.11
(42.07)
(2.85%)
Palladium(spot)
989.78
(16.06)
(1.60%)
Gold prices fell as rising oil prices fueled inflation concerns
Gold prices fell on Friday as higher oil prices and strong US inflation data expectations for a possible Federal Reserve interest rate hike later this year spurred concerns. The yellow metal is on track to log monthly losses for a second consecutive month.
Meanwhile, the US dollar index—which measures the greenback’s performance against six major currencies—fell 0.20% to trade at 101.83 points.
Annual core inflation in Japan’s capital reached 2.6% in October, notably above the central bank’s 2% target, Reuters reported.
According to CME Group’s FedWatch tool, traders now see a 75% probability of an interest rate hike at the Federal Reserve’s December meeting.
Changes in precious metals prices
Metal
Price ($/ounce)
Amount of change ($)
Change (%)
Gold(December delivery)
3998.10
(33.30)
(0.85%)
Gold(spot)
3987.72
(33.80)
(0.85%)
Silver(December delivery)
51.01
(1.38)
(2.65%)
Silver(spot)
50.9231
(1.23)
(2.35%)
Platinum(spot)
1447.11
(42.07)
(2.85%)
Palladium(spot)
989.78
(16.06)
(1.60%)
