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Gold hits 7-week low
Gold prices fell by more than 3%, reaching their lowest level in over seven weeks, weighed down by rising oil prices which heightened inflation concerns. The increase in oil prices and growing fears of escalating inflation led to expectations of continued interest rate hikes, amidst pressure from the dollar and U.S. Treasury bond yields. This pushed the spot gold price to $4,146.51 per ounce and U.S. futures to $4,178.40 per ounce, marking their lowest levels since August. Other precious metals, such as silver and palladium, also declined by over 4%, amid ongoing regional tensions and rising bond yields.
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