Gold price is headed for its steepest weekly loss since June as the bullion has lost 3.5 per cent so far this week, the second consecutive weekly loss. This comes as rising oil prices fuelled higher-for-longer Federal Reserve rate expectations and pressured the non-yielding precious metal. US gold futures for December delivery fell 0.5 per cent to $4,040.70 per ounce. Spot gold was at $4,026.15 per ounce after earlier dropping to $3,986.50, its lowest level since July 20.
Spot silver slid 1.2 per cent to $53.8882 per ounce, and palladium dropped 0.3 per cent to $1,051.06, hitting their lowest since November 2025 and June 2025 respectively. Spot platinum fell 0.8 per cent to $1,557.03 per ounce, its lowest since July. All three metals were headed for weekly declines.
