Gold prices drop amid Middle East worries and inflation fears
Business
Gold prices slid on Monday, mostly because of rising worries in the Middle East and inflation fears.
After hitting a two-week high last week, spot gold dropped 1.9% to $4,451.65 per ounce, and US gold futures fell 2.5%.
The stronger US dollar also made gold pricier for people using other currencies.
High bond yields may pressure gold
Analyst Jim Wyckoff pointed out that high bond yields and interest rates could keep gold under pressure unless things calm down in the markets.
Even though gold is usually seen as a safe bet against inflation, it loses some shine when rates are high and it doesn't earn any yield.
Silver, platinum, and palladium also slipped (down 1.7%, 0.4%, and 0.8% respectively), so it's not just gold feeling the heat today.