Commodities
$100 Oil Sends Gold Prices Reeling Amid Inflation Concerns
Gold prices have continued to decline, falling by 0.4% to $4,030.09 an ounce on Friday as Brent crude surged above $100 a barrel for the first time since May.
The sharp increase in oil prices has revived inflation concerns and complicated the interest-rate outlook ahead of next week's Federal Reserve meeting.
Despite geopolitical uncertainty continuing to support demand for defensive assets, gold has struggled to hold breakouts due to higher energy costs strengthening the case for tighter monetary policy.
Brian Lan, managing director at GoldSilver Central, notes that sizeable buyers return whenever prices approach or briefly fall below $4,000, keeping the metal trapped in a broad range between roughly $3,980 and $4,170.