Gold slides as Fed hike bets rise amid Gulf oil crisis
Gold prices fell after the Strait of Hormuz reopening was extended and Saudi Arabia closed a vital transport pipeline, stoking inflation concerns and boosting expectations for a Fed rate hike.
Gold prices moved lower on Tuesday, extending Monday’s slump, after the reopening of the Strait of Hormuz was delayed further. Saudi Arabia’s closure of a vital transport pipeline also added to inflation concerns and lifted bets for a rise in interest rates.