Gold Hits Near One-Week Low as Oil Prices Rise
Spot gold held steady Wednesday after touching its lowest level in nearly a week, as rising oil prices revived inflation concerns.
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Spot gold held steady Wednesday after touching its lowest level in nearly a week, as rising oil prices revived inflation concerns.
The Nasdaq rose to a fresh high, while Brazilian assets logged historic gains after Flavio Bolsonaro's strong first-round showing in Brazil's presidential election. The column also noted a stronger dollar, higher U.S. yields and a weaker euro.
Dow, S&P 500 and Nasdaq 100 E-minis were down before the open, while crude rose about 2%-3% and Treasury yields climbed. Nvidia rose after announcing a $150 billion share repurchase authorization; PCE inflation and payrolls are due this week.
Gold’s strong run is facing a fresh test from higher interest rates, but recent ETF flows suggest investors have not abandoned the precious-metal trade. The Federal Reserve raised its policy rate by 25 basis points l ast week to 3.75%-4%, its first hike since July 2023. The move strengthened the dollar and pushed Treas