The price of gold in today's global markets reached 4042 dollars per ounce, experiencing a decrease of 60 dollars compared to yesterday. This decrease is equivalent to 1.47 percent and occurs at a time when gold has seen an increase of about 4 percent since the beginning of this week.
Impact of Rising Oil Prices on the Gold Market
In contrast, the price of each ounce of gold in the U.S. futures market for delivery in December also decreased by 1.42 percent to 4055 dollars. Ilya Spivak, head of the global macro department at "DailyFX," pointed to the upward trend in oil prices and stated that the increase in crude oil prices is one of the inflationary factors putting pressure on gold prices.
Spivak also added that markets are assessing the implications of the U.S. midterm election results, which has caused gold prices to fluctuate mainly within a specific range and enter a stabilization phase. Rising energy prices typically strengthen inflation expectations and increase the likelihood of continued high interest rates from the Federal Reserve.
Concerns in the Stock Market and Anticipation of Employment Report
Alongside these developments, Asian stock markets, especially technology stocks, faced significant declines. Concerns over increased regulatory scrutiny and a slowdown in the development of artificial intelligence led to a severe drop in the U.S. stock market. This drop has been described as unprecedented since the crash caused by the announcement of tariffs known as "Freedom Day" in April 2025.
Investors are now awaiting the release of the U.S. non-farm payroll report. Additionally, Michelle Bowman, a Federal Reserve Vice Chair, will speak today. According to the CME FedWatch Tool, traders estimate a 68 percent chance of an interest rate hike in December.
This comes as two Federal Reserve officials on Thursday supported gradual and sustained increases in interest rates to curb inflation above the target level. Goldman Sachs has also lowered its forecast for gold prices at the end of 2026 from 4650 dollars to 4150 dollars, citing the Federal Reserve's more hawkish approach in recent months as the reason for this adjustment.
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