Gold heads for 3% weekly loss ahead of Fed decision

Gold is heading for a weekly loss of over 3%, trading near $4,002 after hitting a three-month low of $3,986, as buyers stay cautious ahead of the Federal Reserve's interest rate decision next week. The metal failed to benefit from Thursday's equity sell-off and falling Treasury yields, as Middle East tensions pushed oil near $100 per barrel, reinforcing expectations that rates will remain higher for longer. Technical selling added pressure after gold broke below its $4,100-$4,200 range. Gold remains vulnerable to renewed selling, with the $4,000 psychological level at risk. The Fed is widely expected to hold rates steady, but any signal of a December hike could keep the metal under pressure.