Gold prices are on track to record their largest weekly decline in over four months, influenced by rising oil prices which have strengthened expectations that interest rates will remain elevated for a longer period. The spot price of gold fell
by 0.6% to $4020 per ounce by 08:36 AM Iraq time on Friday, October 23, 2026, after touching its lowest level since July 20 earlier in the session. The precious metal has lost 3.5% of its value since the start
of the week, heading towards its worst weekly performance since June. The head of market research at Capital.com noted that speculators are attempting to defend the $4000 per ounce level, viewing it as a key support for gold. He added
that a clear break below this level could indicate a shift in market expectations from interest rate cuts to continued inflation, rising bond yields, and a stronger dollar. Meanwhile, oil prices rose about 4% on Thursday, reaching their highest levels
in five months, following attacks by the Houthis on Saudi Arabia that raised concerns about potential disruptions in energy supplies.
