Anticipating Federal Reserve Moves

Global gold prices suffered a brutal financial decline in Singapore today. The precious metal heads for its most catastrophic weekly drop since June. Rising oil prices and strong American economic data drive this massive plunge. Investors expect the Federal Reserve to keep interest rates extremely high. High interest rates ruthlessly crush the appeal of non-yielding bullion.

Losing Massive Financial Momentum

Gold fell 0.1 percent in spot trading to hit $4,018.69 an ounce. The metal lost a massive 3.4 percent of its value this week alone. United States gold futures for December delivery also dropped 0.6 percent. These American futures contracts fell to exactly $4,033.70 today.

Tracking Other Precious Metals

Other precious metals also experienced massive financial devastation today. Silver fell 0.1 percent to settle at $54.46 an ounce. Platinum declined 0.4 percent to reach a dismal $1,563.67. Finally, palladium dropped 0.5 percent to hit $1,051.00. Traders expect all three metals to record brutal weekly declines.

Track the latest commodity shifts and daily financial updates on the Oman Day homepage.