Gold Prices Plunge as Oil Soars Above $100 Amid Inflation Fears

Gold prices slipped further on Friday in Asian trading following a 2% drop in the prior session. The decline was triggered by Brent crude rising above $100 a barrel, which renewed inflation worries and bolstered expectations for higher interest rates ahead of the next week's Federal Reserve meeting.

The spike in oil prices has put downward pressure on gold, causing it to lose its safe-haven appeal. Investors are bracing themselves for the Fed meeting, where they expect a rate hike to combat inflation. The rising cost of living and production costs have increased concerns about economic growth and recession.