Commodities
Home›Commodities›Precious Metals›Gold slips as Middle East tensions lift oil and rate-h…
Gold slips as Middle East tensions lift oil and rate-hike bets
Spot gold fell 0.5% to $4,434.78 an ounce, as US crude climbed above $85 a barrel and traders priced a more than 60% chance of a September Fed rate hike.
Gold prices fell on Monday as renewed Middle East tensions pushed oil and Treasury yields higher, reviving inflation concerns and boosting expectations for possible additional interest rate increases from the Federal Reserve.
According to Mining.com, bullion slipped 0.5%, with US crude rising above $85 a barrel, and traders assigning a more than 60% chance that the Fed could hike rates in September after Fed Chairman Kevin Warsh said he would fight inflation.
Gold remains up about 10% in August and is on track for its biggest monthly gain since January, after the US Treasury’s plan to ramp up bond buybacks revived what strategists describe as a debasement trade.
Silver also declined, down 0.1% to $66.30, while platinum and palladium fell, as the US and Iran exchanged strikes for the first time in about a month, according to Mining.com.
Latest closeGold $4,504.10 ▼2.3%|Silver $67.09 ▼3.4%|Platinum $1,833.50 ▼0.6%