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Fundamentals Spot gold fell 0.6% to $4,115.50 per ounce by 0040 GMT, after hitting its lowest since October 15 at $4,104.33 on Wednesday. US gold futures for December delivery dropped 0.4% to $4,132.30. Two people were killed after Saudi air defences intercepted a drone that was attempting to hit a facility at Saudi Aramco's Shaybah oilfield on Wednesday, the energy ministry said. The US State Department has ordered some diplomats and family members to depart from its missions in Saudi Arabia and plans to withdraw family members from a number of other US missions in the region, US officials told Reuters. The Fed will skip raising interest rates this month and deliver a hike in December, according to nearly all economists polled by Reuters, as policymakers signal patience even as stubborn inflation argues for a tougher response. Market focus is on the Fed's October 27-28 policy meeting and next week's Personal Consumption Expenditures (PCE) data, a key gauge closely watched by the central bank as it targets a 2% inflation rate. Traders see just a 16% chance of a rate hike next week but are pricing in a 90% likelihood of an increase in December, according to CME's FedWatch Tool. Higher interest rates typically weigh on gold prices because they increase the opportunity cost of holding bullion, which does not pay interest. The euro zone economy has weathered this year's energy shock better than expected, with lower dependence on fossil fuels, stronger fiscal support and an AI investment boom helping sustain growth, European Central Bank economists said on Wednesday. Among other metals, spot silver lost 1.1% to $57.33 per ounce, platinum slid 1.1% to $1,609.95 and palladium fell 0.8% to $1,078.52. Data/Events (Gmt) 0645 France Business Climate Mfg, Overall, October 1000 UK CBI Business Optimism Q4 1230 US Initial Jobless Clm, 17 October, w/e 1400 EU Consumer Confid. Flash, 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
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