Gold dips as oil tops $90 amid Middle East conflict
Business
Gold prices took a small dip, landing at $4,014.53 per ounce, as oil shot past $90 a barrel.
The jump in oil is tied to fresh conflict in the Middle East, which has everyone worried about inflation and whether the US Fed might hike interest rates soon.
Traders price 82% December Fed hike
Brent crude jumped 3% after disruptions in the Strait of Hormuz and US airstrikes against Iran following attacks on American allies.
Traders now see an 82% chance of a US Fed rate hike in December, up from last week's 73%.
Analysts warn gold could fall further if it drops below $3,886.
Meanwhile, silver rose nearly 2%, platinum edged up slightly, and palladium slipped a bit, showing how investor moods are shifting with all this uncertainty.