09:33 - 23.10.2026

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October 23, Fineko/abc.az. Gold prices declined on Friday as rising energy costs fueled inflation fears and strengthened expectations of prolonged high interest rates ahead of next week’s US Federal Reserve meeting. The precious metal is heading for its sharpest weekly loss in over four months.

Spot gold eased 0.2% to $4,016.27 per ounce, bringing its weekly loss to 3.5%. High oil prices—driven by Houthi attacks on Saudi Arabia—have heightened inflation risks, increasing the opportunity cost of holding non-yielding bullion. Investors are now heavily focused on the Fed's upcoming PCE inflation data and policy decision.

Among other precious metals, spot silver fell 1% to $53.98 per ounce, platinum edged down 0.1% to $1,568.58, while palladium remained steady at $1,054.50. HSBC analysts also lowered their average 2026 price forecasts for platinum and palladium due to changing market fundamentals.