Gold Prices Slide Amid Tech Sector Boost
World gold prices declined in the first trading session of the week, falling by 0.52% to $4,354.4 per ounce as investor sentiment improved due to rising technology stocks and decreasing oil prices.
The MSCI All-World global stock index increased by 0.3%, while the European stock market rose about 0.75%. The tech sector drove this growth, particularly expectations for artificial intelligence demand, with Nasdaq futures rising nearly 1% after several semiconductor stocks surged in pre-market trading.
Additionally, Brent oil prices fell by around 2% to $101.7 per barrel following reports that Saudi Arabia's oil exports had recovered to over 4 million barrels/day in September, easing concerns about inflationary pressure and the possibility of central banks maintaining tight monetary policy.