Gold prices fall as oil costs rise and dollar strengthens
Business
Gold prices slipped on Thursday, mostly because the US dollar got a bit stronger and oil prices jumped, making people more anxious about inflation.
With the US dollar up 0.2%, gold became pricier for buyers outside the US so spot gold dropped to $5,165.73 per ounce (and April futures fell to $5,171.40).
Silver held steady at $85.82 per ounce
Oil prices shot up after supply issues in the Gulf and new threats from Iran raised concerns about even higher costs: think $200 per barrel.
This ripple effect added to inflation jitters and pushed gold down further.
Meanwhile, silver held steady at $85.82 per ounce, while platinum and palladium actually gained a bit.