Gold reaches $4,360 per ounce as oil curbs Fed hikes
Business
Gold prices jumped to about $4,360 per ounce on Tuesday, thanks to oil prices sliding more than 9% in just four days.
With cheaper oil easing inflation worries, the chance of more interest rate hikes from the Federal Reserve is looking slimmer, making gold a more attractive pick for investors.
Gold-backed ETFs pull in 50 tons
While Fed officials hint that more rate hikes could still happen if supply issues stick around, analysts say gold's fundamentals remain solid.
Reflecting this confidence, gold-backed ETFs pulled in about 50 tons this September, their third month of gains, showing many see recent price dips as good buying opportunities rather than a sign of weakness.