Gold down 0.8% at $4,508.75 after Christopher Waller signals hikes
Gold just took a hit: prices dropped 0.8% to $4,508.75 per ounce after Federal Reserve Governor Christopher Waller suggested interest rates could go up soon.
Governor Christopher Waller pointed to inflation pressures from the Iran-related energy shock, and traders are now betting on a rate hike by December.
As rates and the dollar rise, gold has lost some of its shine.
US consumer sentiment hits record low
People in the US are feeling less confident about the economy: consumer sentiment just hit a record low, and worries about long-term inflation are climbing thanks to higher energy costs from the conflict.
Waller says the Fed will stay cautious but won't hesitate to raise rates if inflation sticks around.
Since February, gold prices have already slid 15% with all this uncertainty in play.