Gold prices ?fell to their lowest since ?mid-July on Friday ?and were headed for a second straight monthly decline, as rising crude oil prices and persistent inflation worries reinforced expectations of further US interest rate hikes.
Spot gold was down ?0.6% ?at $3,995.42 U.S. per ounce after ?hitting its lowest since July 17 earlier. US gold futures for December delivery dropped 0.6% to $4,005.50. Bullion has declined 3.8% so far this month.
Data on Thursday showed US gross domestic product grew more than expected last quarter, while inflation accelerated in September as consumers paid more for gasoline and ?other goods, bolstering economists’ expectations of a rate hike in December.
Traders are pricing in a ?near 74% chance of a rate hike in December, ?according to the CME’s FedWatch Tool.
