{
  "id": 16146028,
  "title": "Gold heads for sharpest weekly decline in four months on Fed rate outlook",
  "url": "https://urgent.news/2026/10/23/gold-heads-for-sharpest-weekly-decline-in-four-months-on-fed-rate",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T03:01:44.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-heads-sharpest-weekly-decline-four-months-fed-rate-outlook"
  },
  "original_language": "en",
  "account": "Gold prices sank on Friday, Oct 23, on track to register their sharpest weekly decline in over four months. An uptick in oil prices and strong US economic data fueled expectations that the US Federal Reserve would maintain higher interest rates for an extended period. Spot gold declined 0.1% to $4,018.69 per ounce by 0036 GMT, marking its lowest level since August 3. The metal slipped 3.4% for the week, its steepest weekly drop since June. December US gold futures also saw a 0.6% drop to $4,033.70. Oil prices surged nearly 4% to a five-month high on Thursday following Houthi attacks in Saudi Arabia, raising concerns about potential disruptions to energy supplies. This fueled expectations of higher-for-longer interest rates by the Fed, raising the cost of holding non-yielding bullion. Jobless claims in the US fell to near 57-year lows last week, hinting at a slight uptick in October's job growth. The focus now is on the Federal Reserve's policy meeting on Oct 27-28 and next week's Personal Consumption Expenditures data, a key inflation gauge. Traders are pricing in a mere 7% chance of an interest rate hike next week, but the probability of a hike in December stands at 81%. India has granted permits for importing around 6,500 metric tonnes of silver over the next six months to meet festive-season demand. HSBC lowered its 2026 platinum and palladium price forecasts in a research note, citing shifting market fundamentals and investor liquidation, and noted that both metals have room to recover. Silver edged down 0.1% to $54.46 per ounce, platinum fell 0.4% to $1,563.67, and palladium slid 0.5% to $1,051.00. All three metals were set to record weekly declines.",
  "summary": "Spot gold is down 0.1% at US$4,018.69 per ounce by 0036 GMT, touching its lowest level since Aug 3",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Business Recorder",
        "title": "Gold heads for steep weekly loss as oil prices fuel Fed rate concerns",
        "url": "https://urgent.news/2026/10/23/gold-heads-for-steep-weekly-loss-as-oil-prices-fuel-fed-rate-concerns-16158255",
        "published": "2026-10-23T06:11:32.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}