Gold price heads down

The price of gold has fallen below $4,200 per ounce for the first time since August 5, Reuters writes.

According to the publication, the price of the precious metal declined amid rising oil prices and expectations of a Fed rate hike. Brent crude gained in price after Trump last week abandoned a seven-day truce with Iran, which envisaged the opening of the Strait of Hormuz.

On September 28, the price of gold fell by 3.1%, to $4,155 per ounce — the lowest level in the past seven weeks, Reuters writes. Futures for December deliveries of the precious metal also declined by 3.1%, to $4,188 per ounce, the agency noted.