21.10.202613:07:14UTC+00Gold Remains Under Pressure

Gold held near $4,130 an ounce on Wednesday after briefly sliding to its lowest level since October 15, as rising oil prices stoked fresh inflation worries ahead of next week’s Federal Reserve policy meeting. The metal has come under sustained pressure in recent weeks on expectations that additional interest rate hikes may be needed to rein in inflation. While gold is traditionally seen as a hedge against rising prices, its lack of yield makes it less appealing in a higher-rate environment. Financial markets broadly expect the Fed to leave rates unchanged on October 28, but they are still pricing in the possibility of a December increase as policymakers weigh persistent price pressures. A run of stronger-than-expected consumer and producer price data has deepened concerns that surging energy costs are keeping inflation elevated. In the UK, inflation rose to an 11‑month high of 3.5% in September, reinforcing expectations that the Bank of England could opt for a rate hike as early as November.