Gold Retreats, Heading for Largest Weekly Loss Since June

Gold prices fell on Friday, heading toward recording their largest weekly loss in more than four months, as rising oil prices reinforced expectations that U.S. interest rates would remain at elevated levels for longer, while investors awaited next week’s meeting of the Federal Reserve (the U.S. central bank).

Spot gold fell 0.2 percent to $4,016.27 per ounce, slightly narrowing its losses after earlier touching its lowest level since July 20 during the session.

This brings the precious metal’s losses to 3.5 percent since the start of the week, putting it on track for its worst weekly performance since June.

In other precious metals markets, spot silver fell 1 percent to $53.98 per ounce, platinum dropped 0.1 percent to $1,568.58, and palladium held steady at $1,054.50 per ounce.

Silver, platinum, and palladium are also heading toward recording weekly losses.