Gold falls 1.1% to $4,095.75 as oil rally reinforces rate outlook
Spot gold slid 1.1% to $4,095.75 per ounce by 0721 GMT after hitting its lowest since October 7 earlier in the session. Rising oil prices stoked inflation concerns and reinforced expectations that rates could stay higher for longer.
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08:08:18 AM UTC
SquawkNews
Gold falls more than 1% as energy prices push higher, adding to inflation concerns. New York futures are down 1.1% to $4,103.20 a troy ounce. "Technically, gold faces immediate support near $4,073, while $4,135 represents an important resistance level," says Naeem Aslam from Zaye Capital Markets. "…
Gold declined more than 1% on Thursday as rising oil prices heightened inflation concerns and strengthened expectations that interest rates could remain higher for longer. Spot gold TVC:GOLD was down 1.1% at $4,095.75 per ounce by 0721 GMT. Earlier, it had reached its lowest level since October 7.