Gold falls 0.7% to $4,254.77 as oil fuels inflation fears
Business
Gold took a hit this Monday, dropping 0.7% to $4,254.77 an ounce, after oil prices jumped and stirred up fresh inflation fears.
With the Federal Reserve recently raising interest rates, and traders now betting on another hike soon, gold and other noninterest assets are looking less appealing.
Beth Hammack warns on inflation expectations
Cleveland Fed President Beth Hammack admitted she is worried about stubborn inflation shaping public expectations.
US consumer sentiment just hit a four-month low, mostly because people are feeling the pinch of rising prices.
Silver, platinum, and palladium also slipped as economic uncertainty keeps markets on edge.