Commodities
Gold Prices Fall to $4,028.7 as Brent Crude Surges Above $100
Gold prices have fallen to $4,028.7 an ounce after a rebound in Brent crude above $100 a barrel raised inflation concerns and reinforced expectations for higher Federal Reserve rates.
The recent pullback has left gold more than $130 below its two-week peak, with spot gold falling 0.52 percent by 5:30 GMT.
U.S. gold futures for August delivery also declined 0.48 percent to $4,030.85 an ounce, while gold prices in the UAE edged lower, with 24-carat gold losing AED2.25 to AED485.25.
The surge in oil prices has intensified concerns over inflation and the possibility of interest rates remaining elevated for longer, weighing on the appeal of non-yielding assets like gold.