Commodities
Gold Prices Flat as Fed Tightening Fears Offset Oil Decline
Gold prices remained relatively unchanged on Thursday as investors weighed expectations of further Federal Reserve policy tightening against a decline in oil prices.
The spot price of gold was little changed at $4,291.48 per ounce by 0512 GMT, while US gold futures for December delivery rose 0.2% to $4,326.30.
Market expectations of another rate hike on the eve of critical national elections are pushing the Fed towards a higher-for-longer stance, according to Ross Maxwell, chief strategy officer at VT Markets.
A clearer signal of another rate hike would pressure gold lower, as rising interest rates tend to diminish its appeal relative to interest-bearing investments.