Gold Adds to Losses as Iran Tensions Spark Inflation Fears; U.S. Launches Retaliatory Strikes
Bullion slid 1.2% as oil rebounded and traders priced higher inflation and interest rates, Standard Chartered said.
- Following the downing of a military helicopter off the coast of Oman, American forces launched fresh strikes. The military carried out "self-defense strikes" after President Donald Trump blamed Tehran for the incident.
- IRIB reported six explosions on Qeshm Island in the Strait of Hormuz. These clashes threaten a fragile ceasefire and risk closing this vital transit point for energy shipments from the Middle East.
- Bullion fell 1.2% to near $4,210 an ounce, and silver slid 0.6%. Meanwhile, oil prices rebounded on Wednesday, fueling inflation concerns that may force central banks to hold or raise interest rates.
- Threatening further escalation, Iranian Foreign Minister Abbas Araghchi stated the country "will leave no attack or threat unanswered." This assertion reflects heightened tensions following the recent military strikes.
- Suki Cooper of Standard Chartered Plc warned that rising interest rates could "expose gold to further downside risk." Additionally, technical support remains near $4,100 an ounce, according to market analysis.
19 Articles
19 Articles
Oil rebounds after U.S. strikes on Iran, while gold falls to 11-week low
Washington, June 10 (SANA) Oil prices rose nearly 1% on Wednesday, recovering from seven-week lows after fresh U.S. strikes on Iran and another sharp drawdown in U.S. crude inventories heightened concerns over supply and regional stability. According to Reuters, Brent crude futures gained 83 cents, or 0.9%, to $92.29 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 68 cents, or 0.8%, to $88.97 a barrel. The gains followed renewed mi…
Gold drops as oil rises on renewed US-Iran hostilities
Gold fell to an 11-week low on Wednesday, as the dollar and oil prices rose on renewed hostilities between the U.S. and Iran, fuelling concerns about inflation and interest rate hikes.Spot gold was down 1.9% at $4,181.04 per ounce by 0414 GMT, after hitting its lowest level since March 23. U.S. gold futures for August delivery shed 1.9% to $4,204.70.The dollar rose, making greenback-priced bullion more expensive for holders of other currencies.…
Rising of Iran War After Apache Incident Reveals: This Is No Longer Trump's 'Peace Through Strength'
Following the downing of an American Apache helicopter, the US and Iran are shelling each other in the Gulf region. The fragile ceasefire is consequently on its deathbed. Yet the tone from Washington betrays other intentions.
Financial Post
MoneycontrolGold Extends Drop as Renewed US-Iran Clashes Test Fragile Truce
(Bloomberg) — Gold extended a decline after the US launched fresh strikes against Iran in retaliation for the downing of a military helicopter, jeopardizing efforts to end the war that’s roiled global markets.
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