Updated
Updated · Bloomberg · Jun 29
Gold Falls 0.9% Near $4,000 as US-Iran Attacks Lift Oil
Updated
Updated · Bloomberg · Jun 29

Gold Falls 0.9% Near $4,000 as US-Iran Attacks Lift Oil

3 articles · Updated · Bloomberg · Jun 29

Summary

  • Spot gold slid as much as 0.9% to near $4,000 an ounce after climbing 1.6% on Friday, reversing part of the prior session’s safe-haven gain.
  • US-Iran attacks in the Persian Gulf strained a ceasefire that had helped cool energy markets last week, reviving inflation concerns that can harden interest-rate expectations and weigh on bullion.
  • Oil advanced after a tanker carrying Qatari crude was hit in the weekend tit-for-tat assaults, with shipping through the Strait of Hormuz also disrupted.
  • That renewed pressure on energy prices marks a sharp turn from last week, when crude had fallen back to pre-war levels and eased fears of a rate hike.

Insights

Can China's massive oil reserves avert a global economic crisis as the Strait of Hormuz remains shut?
With seafarers now casualties, what stops the weaponization of commercial shipping from becoming the new norm in warfare?
Iran seeks permanent control of the Strait. Can diplomacy succeed where military blockades and threats have failed?