Gold Slides Below USD5,100
The precious metal, which experienced a brief spike following "joint strikes on Tehran" earlier this month, lost its momentum as market focus shifted to ongoing inflation pressures and the Federal Reserve’s anticipated policy decisions.
Gold prices fell by 1.55% to $5,090 per ounce as of 08:30 GMT, after dipping to $5,015 earlier in the day. Meanwhile, the U.S. dollar index rose 0.55% to 99.5.
Crude oil prices surpassing $100 per barrel for the first time since 2022 has intensified worries over a resurgence in global inflation, prompting traders to scale back expectations for interest rate reductions.
Rising energy expenses, coupled with a stronger dollar, have historically exerted downward pressure on non-yielding assets like gold, making it costlier for investors using other currencies.
Despite "the escalating war with Iran" and supply disruptions in the Strait of Hormuz supporting a baseline for prices, the market is currently undergoing a phase of consolidation.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
