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Gold reaches highest level in three months amid US inflation jitters

Spot gold traded near $4,700 an ounce as oil prices slid even with concerns about potentially heavy US sanctions involving Iran.

Reported · Written up by our desk · Precious Metals

Gold climbed to its highest level in about three months as traders weighed renewed worries about US inflation and stress in the bond market, Guardian Business reports in its live market coverage.

In the same session, spot gold pushed close to $4,700 an ounce, while Bitcoin also moved higher and topped $80,000.

Oil prices fell despite a reported threat of heavy US sanctions on Iran and countries trading with it, highlighting how investors weighed the sanctions risk against other signals in markets.

Analyst Ipek Ozkardeskaya of Swissquote said the renewed demand for gold despite elevated long term US yields is notable, framing it as a shift back toward the precious metal.

Latest closeGold $4,432.00 ▲1.6%|Bitcoin $80,690.63 ▲2.2%

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