Gold Extends its Drop as Traders Await Fed Meeting
As Friday trading got underway, gold extended its losses from the previous trading session amid concerns that energy-fueled inflation was likely to up the odds of an interest rate hike by the Federal Reserve in the last quarter of the year. During trading on Thursday, gold prices slipped by about 2% in the wake of Brent crude climbing back above $100 per barrel after fighting between the U.S. and Iran intensified. The Houthis also struck two oil tankers in the Red Sea, making good on their threat to block Saudi Arabian shipping through this route. This escalation is putting at…