Gold Dips Over 1% as Oil Prices Surge on Strait of Hormuz Fears
Gold prices fell 1.5% to $4,059.11 per ounce as escalating Middle East hostilities, specifically the closure of the Strait of Hormuz, triggered a surge in oil prices and a flight to the U.S. dollar. According to Reuters, the geopolitical tension has revived market expectations for aggressive interest rate hikes to counter potential inflationary pressures. Market … Read more