Gold prices fall 2 percent on dollar and rate concerns
Spot gold fell to 4,523 dollars as Middle East tensions drove investors toward the dollar. Rising energy costs fueled inflation fears and rate hike bets.
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Gold fell 2% to $4,523.23 on Monday afternoon as escalating Middle East tensions strengthened the dollar and fueled inflation concerns. The drop follows an escalation in the United States and Iran conflict that pushed Brent crude prices up 5%. Higher energy costs increase the likelihood that central banks will maintain elevated interest rates, reducing the appeal of non-yielding assets.
