Gold dips nearly 2% to $4,365 amid Hormuz military action
Business
Gold just took a nearly 2% dip, landing at $4,365 per ounce, its lowest point in two months.
The drop comes as the US and Iran ramp up military action near the Strait of Hormuz, raising worries about inflation and keeping interest rates high for longer.
All this global drama is making gold less appealing right now.
Gold down over 17% since February
The conflict has pushed oil prices close to $98 a barrel and made investors nervous about inflation sticking around.
Plus, the US dollar keeps getting stronger, which makes gold pricier for buyers worldwide.
Since February's tensions kicked off, gold has lost over 17%, nearly erasing year-to-date gains, so if you're thinking about investing in gold or watching market trends, it's definitely a moment to pay attention.