Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Oil Tests New Highs

From fxempire.com

Gold is losing ground as traders focus on rising tensions in the Middle East. U.S. and Iran exchanged military strikes again. Israel and Hezbollah have also attacked each other, although the intensity of fighting has been reduced. Oil prices rallied as traders focused on developments in the Middle East. WTI oil gained 3.2%, while Brent oil was up by 2.5%. Rising oil prices reduced demand for risk assets, which was bearish for gold. Treasury yields moved higher as traders reacted to high oil prices. The yield of 2-year Treasuries climbed towards the 4.09% level, while the yield of 10-year Treasuries settled near ... (full story)