Spot gold falls to $3,993.83 as US CPI data looms
Gold just dropped to its lowest point in two weeks, thanks to rising inflation concerns and a spike in oil prices.
Spot gold slipped to $3,993.83 per ounce after yesterday's sharp 3% fall, the biggest single-day drop in over a month.
With US gold futures holding steady, everyone's waiting on today's US CPI data for clues about possible interest rate hikes.
Oil jumps 9% amid Gulf attacks
Oil prices shot up 9% on Monday, driven by tensions between the US and Iran: think airstrikes and attacks on tankers in the Gulf region.
These moves also boosted Treasury yields and the dollar.
Meanwhile, the EU slapped sanctions on Sudan's gold trade for allegedly funding conflict, adding more uncertainty to global markets.
Other precious metals took a hit too: silver fell 1.2%, platinum 1%, and palladium 0.4%.