Gold Prices Steady as Traders Weigh Oil and Interest Rates

Gold prices steadied on September 30th as traders weighed the impact of lower oil prices against higher interest rates. The precious metal traded around $4,190 an ounce after gaining 1.6% the previous day.

The market is awaiting the release of the personal consumption expenditures price index, which could provide clues about whether the Federal Reserve will continue to tighten monetary policy. Higher borrowing costs are a headwind for gold, as it does not pay interest.