Gold down 1.7% as traders see 70% Fed hike chance
Business
Gold took a hit this Thursday, dropping up to 1.7% after new US economic data made a Federal Reserve interest rate hike look more likely. Traders now see a 70% chance it will happen next week.
A stronger dollar and rising yields are making gold less attractive, so prices have been stuck near $4,400 an ounce lately.
Silver down 4%, Brent above $105
It's not just gold feeling the pressure. Silver dropped 4%, and platinum and palladium are down too.
Energy prices are climbing fast, with Brent crude topping $105 per barrel as rising tensions in the Middle East heightened concerns over global supplies, which is fueling more inflation concerns.
Still, some analysts say gold could bounce back soon if governments step in or the world shifts away from the dollar.