Gold nears three-month low, trading at $4,015 per ounce — Anadolu Agency

Gold prices fell on October 23, nearing their lowest level in almost three months. As of 06:30 GMT, an ounce of the precious metal cost $4,015.63, down $9.19, or 0.23%. This was reported by Anadolu Agency.

Price dynamics

Over the past month, gold has fallen by 6.08%, and over the past year, by 2.36%. The decline came amid a sell-off in technology and artificial intelligence-related stocks. Investors sold precious metals to cover losses in other parts of their portfolios.

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Impact of the technology sector and oil

Concerns over the value of investments in AI intensified after Meta Platforms announced plans to increase capital expenditures. This raised fears that technology companies could take on additional debt to finance expansion.

Gold was also pressured by rising oil prices, which heightened inflation risks and expectations that high interest rates would remain in place for longer. Higher rates typically reduce gold's appeal compared with assets that generate interest income. At the same time, uncertainty over the sustainability of investments in AI prompted markets to reduce expectations of further rate hikes by the US Federal Reserve, which partially supported precious metals.