Commodities
Gold Loses Ground Amid Rising Oil Prices and Stronger US Dollar
Gold prices have fallen back from their highs as the US Dollar has rebounded and oil prices continue to rise.
The tensions in the Middle East, particularly after Iran-backed Houthis attacked energy facilities in Saudi cities, have led to a strengthening of the Greenback and higher oil prices.
Oil prices have reached their highest level since June 8, with West Texas Intermediate trading around $91.80 per barrel, while the US Dollar Index has recovered from its lowest level since August 21, reaching 98.97.
The near-term outlook for gold remains challenging due to the higher oil prices and the potential impact on inflation and interest rates.