Gold warned to stay above $3,886 as analysts flag risk of decline
Standard Chartered analyst Suki Cooper warned on 27 October that gold must stay above $3,886 per ounce or face a sharper correction, according to Kitco. On 25 October, spot gold fell below $4,000 and silver dropped more than 2 %, which Kitco said was driven by expectations of further Federal Reserve tightening and uncertainty over Middle East oil supplies. The same day Kitco noted that rising Brent crude and lower Treasury yields kept gold near $4,000, while a Heraeus analyst highlighted the influence of oil and yields. Reuters observed that gold climbed above $4,000 as oil prices fell and expectations for Fed moves shifted.
Marketscreener. com reported that spot gold inched up to about $4,009 as oil eased and investors watched the Fed decision. FXStreet recorded that gold fell to around $3,995 amid rising oil prices and inflation concerns, with markets pricing in a strong likelihood of a Fed rate hike.
