Oil Prices Surge, Gold Stumbles as Fed Meeting Looms

Rising oil prices are putting pressure on gold, as investors shift their focus to next week’s Federal Reserve meeting. The surge in crude costs has raised inflation concerns, prompting traders to move away from the safe-haven metal. Gold prices dipped as a result, while the market awaits clarity on interest rate decisions from the Fed. Analysts expect the central bank’s stance to determine gold’s next move, as higher rates typically reduce the appeal of non-yielding assets like gold.