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Fundamentals Spot gold was down 0.2% at $3,987.45 per ounce by 0037 GMT, after hitting its lowest level since mid-July in the previous session. Bullion posted a 4% weekly fall on Friday, its biggest weekly decline since June. * US gold futures for December delivery dropped 0.2% to $4,000.80. Oil prices fell on Monday after surging to near six-month highs late last week, although ongoing attacks on Saudi Arabia kept supply concerns in focus. Elevated energy prices bolster expectations of higher-for-longer interest rates by the Fed, increasing the opportunity cost of holding non-yielding bullion. On the geopolitical front, Saudi Arabia said its main airport resumed operations at two terminals on Sunday even as Yemen's Iran-aligned Houthis vowed to keep striking the facility, which they called a "military target". Qatari mediators were in Tehran on Sunday as part of an effort to de-escalate regional tensions in coordination with the United States, an official briefed on the situation told Reuters. US consumer sentiment edged down to near a record low in October as rising prices because of the Middle East conflict soured households' views of the economy on the doorstep of midterm congressional elections centering on affordability issues, a survey showed on Friday. US business activity slowed modestly in October, though robust demand allowed companies to raise prices for goods and services, a sign that inflation could increase further and remain persistently high in the coming months. Markets await the Fed's policy meeting this week along with the Personal Consumption Expenditures (PCE) data, a key gauge closely watched by the central bank as it targets a 2% inflation rate. Traders are pricing in about a 9% chance of an interest rate hike this week, while expectations for a hike in December remain at 80%. Among other metals, spot silver rose 0.2% to $54 per ounce, platinum fell 0.1% to $1,549.42 and palladium gained 0.4% to $1,047.90. Data/Events (Gmt) 0900 Germany Ifo Business Climate New, October 0900 Germany Ifo, Curr Conditions New, October 0900 Germany Ifo Expectations New, October (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
document fetched 2026-10-26 02:57