Gold Falls to Seven Week Low as Oil Surges
Gold prices dropped four percent to a seven-week low on Monday. Rising crude prices stoked inflation concerns and increased expectations for tighter Federal Reserve monetary policy.
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Gold fell 4% on Monday to trade at a seven-week low as rising oil prices stoked inflation fears and bolstered bets on tighter monetary policy. The drop follows a surge in crude prices after United States President Donald Trump rejected a peace deal from Iran over the Strait of Hormuz. Higher Treasury yields created further headwinds for non-yielding bullion.
