Gold Falls as US-Iran Tensions Boost Oil, Crush Rate-Cut Hopes
Gold prices fell nearly 2% on Thursday, trading around $4,460 per ounce and nearing their lowest level since early January, as escalating US-Iran tensions pushed crude prices higher, reigniting inflation concerns and prompting investors to abandon hopes for US interest rate cuts this year.
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Gold set for second weekly loss on reduced rate cut bets, higher dollar, yields
Gold was on track for a second straight weekly loss, even as it edged higher on Friday, as surging oil prices dampened rate cut bets and caused investors to cover margin calls, while a rising dollar and U.S. yields also pressured prices.
Spot gold was up 0.2% at $5,087.61 per ounce, as of 0927 GMT, but was set for a 1.7% weekly drop. U.S. gold futures for April delivery fell 0.16% to $5,092.60.
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