Gold dips as Brent crude tops $100 Fed-hike odds rise
Business
Gold prices took a tiny dip on Friday, with spot gold down 0.1% to $4,042.77 per ounce.
The main reason? Brent crude just jumped past $100 a barrel for the first time since May, which has people worried about rising costs and expecting the US Federal Reserve to hike interest rates soon (right now, there's an 81% chance of that happening in September).
Metals slide Newmont Corp beats estimates
It's not just gold feeling the pressure: silver slipped 0.2%, platinum dropped 0.5%, and palladium fell 0.8%.
Meanwhile, Newmont Corp. the world's biggest gold miner, actually posted better-than-expected profits last quarter thanks to earlier price gains, even though it produced less gold overall.