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.