Gold hits 1-week low as USD strengthens, oil tops $100
Business
Gold just hit a one-week low, mostly because the US dollar got stronger and oil prices shot past $100 a barrel.
Ongoing tensions in the Strait of Hormuz are making energy costs jump, which has people worried about inflation and less hopeful for US interest rate cuts this year.
On Monday morning, spot gold dropped 1.1% to $4,694.30 an ounce, while US gold futures for June fell 1.4%.
Silver and platinum fall, palladium gains
It's not just gold feeling the pressure: silver slid 1.9% to $74.45 an ounce and platinum dropped 1.3%.
Palladium was the exception, rising slightly by 0.7%.
Since the U.S.-Israel conflict with Iran started in 2026, gold prices have fallen over 11%, showing how much global politics can shake up the metals market right now.