Gold slides as selling pressure intensifies

Spot gold dropped as low as $4,085.29 per ounce, while US gold futures for December delivery traded at $4,100.90. Silver, platinum, and palladium prices also declined, highlighting widespread selling pressure across precious metals.

Rising oil prices, which have intensified global inflation concerns, and expectations that the Federal Reserve (Fed) could keep interest rates elevated for an extended period are weighing on gold prices. Investors are closely monitoring the Fed's October 27–28 meeting and the US Personal Consumption Expenditures (PCE) inflation data scheduled for release next week. Shifts in interest rate expectations are expected to play a decisive role in gold's short-term direction.