Gold falls as US-Iran conflict impacts rate outlook
Spot gold fell 0.8 percent to $4,419.60 per ounce as fresh U.S. military strikes in Iran pushed oil prices higher and fueled inflation concerns. Federal Reserve officials signaled a readiness to maintain or even raise interest rates if necessary, while investors await key U.S. inflation data.
Gold fell 0.8% to $4,419.60 per ounce overnight after United States military strikes in Iran drove energy prices higher. Crude prices rose 2% as the conflict threatens shipping lanes in the Strait of Hormuz. Rising energy costs have raised concerns about inflation, potentially forcing the Federal Reserve to maintain higher interest rates for longer.
Spot gold dropped 0.8% to $4,419.60 while Silver slid 1.7% to $73.34. Platinum lost 0.5% to $1,909.15 and Palladium fell 0.7% to $1,381.64.
