Gold Hits 3-Week Low
Gold prices have dropped significantly to their lowest level in over three weeks, amid escalating tensions in the Middle East and ongoing increases in oil prices. This has raised concerns about rising inflation and the potential for U.S. interest rate hikes. The escalation between the United States and Iran, including U.S. airstrikes and Iran’s responses, has led to higher oil prices and increased yields on Treasury bonds, reducing gold's appeal as a safe haven. Markets are also forecasting a 67% likelihood of interest rate increases at this month’s Federal Reserve meeting, supporting the ongoing decline in gold and other precious metals such as silver and platinum.
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