Gold prices drop to $5,020 per ounce: Check today's rates
Gold prices dropped to $5,020 per ounce on Friday, down 1.6% from the day before.
The fall comes as oil remains above $100 a barrel amid the US-Israeli conflict with Iran, which has put oil infrastructure at risk and kept the Strait of Hormuz shut.
Earlier this month, gold was bouncing between $5,100 and $5,250 after hitting recent highs near $5,200-$5,230.
Gold still up by over $2,190 per ounce yoy
Even with the recent dip, gold is still up by more than $2,190 per ounce compared to last year—mainly because demand related to geopolitical tensions has supported prices.
But for anyone thinking about investing now, keep in mind: ongoing conflicts and expensive energy are making the US Fed hold off on expected rate cuts, which adds some risk.
Technical support for gold near $5,000 area
A firmer US dollar is making gold less affordable for buyers using other currencies.
Plus, rising energy costs are pushing inflation expectations higher and keeping real yields up—which takes some shine off non-yielding assets like gold.
For now, technical support for gold appears near the $5,000 area.