Gold drops as oil and dollar rise on renewed US-Iran hostilities

From brecorder.com

Gold ​fell more than 1% on Wednesday to hit an 11-week low, as the dollar and oil prices rose on renewed hostilities between the United States and Iran, fuelling concerns about inflation and interest rate hikes. Spot gold lost 1.8% to $4,187.59 per ounce by 0230 ​GMT, hitting its lowest level since March 23. U.S. gold futures for ​August delivery were down 1.7% at $4,213.40. The dollar rose, making greenback-priced bullion ⁠more expensive for holders of other currencies.Oil prices rose 1%, stoking concerns ​around inflation and cementing expectation that interest rates would stay higher for longer. “The driver ... (full story)