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Gold extends decline as Middle East tensions bolster higher-for-longer rate view
Gold prices fell for a second straight session on Monday as renewed hostilities in the Middle East added to inflationary concerns and bolstered expectations that the U.S. Federal Reserve will keep interest rates higher for longer. Spot gold slid 1.4% to $4,061.64 per ounce by 1100 GMT, while U.S. gold futures for August delivery were down 1.1% to $4,069.60. U.S. and Iranian forces exchanged heavy missile and drone assaults, with Tehran striking U.S. facilities in states across the Gulf and hinting at the closure of the Strait of Hormuz. Oil prices jumped over 3% on the news. "Renewed hostilities in the ... (full story)
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The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait. The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,” but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World. The process and formation will begin immediately. Thank you for your attention to this matter! President DONALD J. TRUMP
From brecorder.com | 14 hr ago
Gold slid over 1% on Monday as fears of a closure of the Strait of Hormuz drove oil prices sharply higher, reviving expectations of elevated interest rates to combat inflationary pressures from escalating hostilities in the Middle East. Spot gold dropped 1.5% to $4,059.11 per ounce by 0356 GMT. U.S. gold futures for August delivery were down 1.1% at ...
Gold declined after the US and Iran exchanged strikes over the weekend of Jul 11 and 12, sending energy prices higher and once more raising the prospects for interest-rate hikes to combat inflation. Bullion fell as much as 1.2 per cent to below US$4,070 an ounce on Monday (Jul 13), having lost 1.4 per cent in the week ended Jul 12. Confusion governed the ...
