Gold falls amid U.S.-Iran tensions, Fed and US spending watched
Business
Gold took a hit today as tensions between the US and Iran ramped up, pushing oil prices higher and making folks worry about inflation.
This uncertainty has everyone watching the Federal Reserve and waiting for new US spending data to see what happens next with interest rates.
Metals slip as US dollar strengthens
It wasn't just gold feeling the pressure: silver, platinum, and palladium all slipped too. A stronger US dollar made these metals pricier for buyers overseas.
With recent US strikes in Iran raising concerns about shipping through the Strait of Hormuz, Fed officials are staying cautious on rate changes while inflation sticks around.