Gold Falls Below $4,000 for the First Time Since July, Closing the Week Down About 4 Percent
The selloff in precious metals deepened on Friday, October 23. After losing the $4,100 level on Thursday, spot gold fell intraday to $3,986.50 an ounce, below $4,000 for the first time since July 20, and closed at $3,993.96, down 0.77 percent. December gold futures on the New York Mercantile Exchange settled at $4,007.90 an ounce, down 1.3 percent. Gold lost about 4 percent on the week, its worst week in more than four months.
Silver fell in tandem: December silver futures settled at $53.949 an ounce, down 1.9 percent, with spot silver near its lows of the year.
Analysts said the driver was oil: Brent crude settled Friday at $116.72 a barrel, its highest since April, reviving inflation fears and reinforcing expectations that the Federal Reserve will keep rates higher for longer. A stronger dollar and higher real yields outweighed safe-haven buying from Middle East tensions. Next week's Federal Reserve decision on October 28 and the PCE price data that follow will be key to whether gold stabilizes. (Prices per CCTV Finance and public market data.)
Source: GSM · USA (original Chinese edition)
Photo: 金条（Stevebidmead 摄，CC0，经 Wikimedia Commons）
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