Gold Drops 3% to a 7-Week Low as Oil Surges: Why the Safe Haven Failed
Gold fell three percent to around four thousand one hundred sixty dollars, its lowest in more than seven weeks, even as oil jumped on renewed Middle East tension. That's unusual, because geopolitical stress usually lifts gold. But this market isn't trading fear, it's trading rates.
Brent crude climbed more than two percent, keeping energy-driven inflation in focus. Treasury yields and the dollar are higher, both headwinds for gold. And markets now price about a seventy percent chance of another Fed hike in October.
Wednesday's PCE inflation report is the next major test. A hot number could keep the pressure on gold.
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