Gold Faces Largest Weekly Decline in Months

Gold prices are heading toward their largest weekly decline in over four months, driven by rising oil prices that have reinforced expectations of prolonged higher interest rates. Spot gold fell by 0.6% to $4,020 per ounce by 08:36 AM Iraq time on Friday, October 23, 2026, after touching its lowest level since July 20 earlier in the session. The precious metal has lost 3.5% of its value since the start of the week, on track for its worst weekly performance since June. Speculators are attempting to defend the $4,000 per ounce level, regarded as a key support for gold. A clear break below this level would indicate that markets no longer expect interest rate cuts but are factoring in ongoing inflation, rising bond yields, and a strong dollar. Oil prices rose about 4% on Thursday to their highest in five months following attacks by the Houthis on Saudi Arabia, raising concerns over further disruptions in energy supplies.