Gold ended the week testing the $4,000 area, a level that has not been under pressure since the summer. Market reports put spot gold at about $4,024 after a 2.8% drop on Thursday, then near $4,000 to $4,011 on Friday, with the session low around $3,978 according to one weekly recap. Quotes differ by source and time, so treat the figures as approximate.
The backdrop was a hard rally in energy. Brent was reported up about 3.7% on Thursday at roughly $112.88 and WTI up about 2% near $99, with Middle East supply risk cited as the driver. Higher oil tends to feed inflation worries, which supports the case for tighter policy for longer, and that raises the opportunity cost of holding a metal that pays no interest.
Technical commentary from market-data providers flagged $3,975 and $3,957 as nearby support and $4,050 to $4,068 as resistance. Those are reference zones, not forecasts. The Dollar Index was little changed near 101.6, so the gold decline was not simply a stronger-dollar story.
Next week brings the Federal Reserve decision on Thursday, October 29, alongside US core PCE and advance Q3 GDP. For background on why rate expectations matter to non-yielding assets, see interest rate expectations and currencies. This is market commentary, not a trade recommendation.