Gold prices fell by more than one percent on Friday, dropping below $4000 per ounce, influenced by rising oil prices and inflation concerns, placing the precious metal on track for a second consecutive monthly loss. By 11:00 GMT, spot gold
prices had declined to $3990 per ounce. This decline occurs amid global market volatility driven by tensions in the Middle East and rising oil prices, alongside fears about the impact of energy costs on inflation rates. The drop also followed
the Federal Reserve's monetary policy decisions made during its meeting on October 27-28. Gold is set to record a monthly loss of about 3.5 percent in October compared to September, amid ongoing inflation worries and rising oil prices. Other precious
metals also fell, with spot silver down 3.3 percent to $51.14 per ounce, and platinum dropping 3 percent to $1453 per ounce. Global markets continue to experience fluctuations due to concerns over the consequences of the US-Israeli conflict with Iran
since last February, affecting energy prices and inflation. Negotiations between Washington and Tehran remain stalled despite a memorandum of understanding signed in June, due to disagreements over navigation in the Strait of Hormuz.
