BusinessPhoto: Mint MarketsGold Declines Amid Inflation and Fed Rate Uncertainty
Gold prices declined as rising oil prices increased inflation concerns, complicating the Federal Reserve's interest rate decisions. Gold traded around $4,135 an ounce after a 0.6% drop. Oil prices neared a five-month high due to Iran's stance on the Strait of Hormuz and US political resistance to diesel exports to Russia. Fed Chair Kevin Warsh signaled support for holding rates, reducing expectations for a hike. Despite recent declines, gold remains above $4,100 in October but is down 20% since February amid geopolitical tensions.
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