Gold prices set to fall 3% this week as rising oil prices strengthen expectations for high interest rates

⑴ As rising oil prices fuel expectations that central banks may maintain higher interest rates for a longer period, gold prices are expected to fall by 3% this week. New York gold futures fell 0.6% to $4,600.20 per ounce; due to public holidays, trading was light on major Asian markets on Friday. ⑵ In the previous trading session, gold prices found support from a weaker US dollar, while the Japanese yen rebounded after Japanese government officials hinted at possible intervention to support the yen. ⑶ Meanwhile, silver futures fell 0.6% to $73.61 per ounce, and platinum futures fell 0.8% to $1,977.80 per ounce.