Gold Briefly Falls Below $4,000 for First Time Since July

Spot gold briefly fell below $4,000 an ounce on Friday, October 23, for the first time since July, as higher oil prices and selling by investors weighed on the metal. The decline came amid concern that inflation could keep interest rates elevated, while gold prices later moved back around the $4,000 level. Intraday lows varied across Friday’s market updates, with one later report putting the low at $3,975.23. Other reported lows ranged from $3,986.50 to $3,986.85. These were snapshots during trading, not closing prices. In a late-session update, spot gold was quoted at $3,995.81, down about 0.7% on the day. December gold futures settled 1.3% lower at $4,007.90. Oil prices climbed as attacks in the Middle East raised concerns about possible disruption to energy supplies. Higher energy costs can add to inflation, potentially making central banks less likely to cut rates. Because gold does not pay interest, it can become less attractive when investors expect rates or bond yields to rise. The reports also linked some selling to technology-stock declines, which can prompt investors facing margin calls to sell liquid assets to raise cash. Those explanations describe market...