New york: Gold prices dropped more than 3% on Friday during a broader market sell-off, following hawkish remarks from U.S. Federal Reserve officials that reduced expectations for a December interest rate cut.
According to Bahrain News Agency, spot gold decreased by 3.1%, reaching $4,041.01 per ounce as of 09:02 a.m. ET (1153 GMT). Despite this decline, bullion has seen an increase of 1.4% over the course of the week.
In addition, U.S. gold futures for December delivery experienced a decrease of 3.6%, falling to $4,043.10 per ounce. The market reaction highlights investor concerns over potential interest rate policies and their impact on gold prices in the near future.