Gold's Luster Fades in Asia Amid Rising Oil, Hawkish Fed Outlook
Gold's recent rally in Asia is losing momentum as rising oil prices, fueled by the Iran conflict, diminish expectations for interest rate cuts. This surge in energy costs is reigniting inflation concerns, making central banks more hesitant to lower rates and consequently increasing the attractiveness of interest-bearing assets. Gold prices have seen a 12% drop, falling from US$5,247.90 to US$4,620 per troy ounce.