The sharp rise in oil prices and the latest US PPI data have strengthened the possibility that the Federal Reserve will raise interest rates next week, and the price of gold is falling for the third consecutive week. The price of gold remained essentially flat at around $4315 an ounce on Friday, falling 1.8% overnight to its lowest level since early August. According to data released on Thursday, the US PPI rose 0.4% last month, the biggest increase since May. This reflects increasing pressure from rising energy prices as the Middle East conflict escalates. Spot gold fell 0.1% to 4312.20 US dollars per ounce, with a cumulative decline of 2.7% this week. The price of silver fell 0.3% to $63.40 an ounce; it fell 5.5% on Thursday, the biggest one-day decline since June. Platinum and palladium prices are also lower.

The sharp rise in oil prices and the latest US PPI data have strengthened the possibility that the Federal Reserve will raise interest rates next week, and the price of gold is falling for the third consecutive week. The price of gold remained essentially flat at around $4315 an ounce on Friday, falling 1.8% overnight to its lowest level since early August. According to data released on Thursday, the US PPI rose 0.4% last month, the biggest increase since May. This reflects increasing pressure from rising energy prices as the Middle East conflict escalates. Spot gold fell 0.1% to 4312.20 US dollars per ounce, with a cumulative decline of 2.7% this week. The price of silver fell 0.3% to $63.40 an ounce; it fell 5.5% on Thursday, the biggest one-day decline since June. Platinum and palladium prices are also lower.