Spot gold was down 3.8% at $4,121.6 per ounce, after falling to $4,110.5, its lowest since Aug 5. US gold futures fell 3.9% to $4,153.7. “We’ve got crude oil prices sharply higher. And that suggests still more problematic price inflation, which suggests a tighter Fed Reserve monetary policy,” said Jim Wyckoff, a market analyst at American Gold Exchange. Higher Treasury yields and the US dollar at multi-week highs were all “creating a perfect storm to push the metals prices sharply lower,” Wyckoff said.
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Vikrant Kharwar is the Founder and Editor of News Us Media. He writes about trending news, sports, entertainment, technology, and viral stories. His goal is to make news simple, informative, and easy to understand for readers across the United States and around the world.
