Commodities
Gold Prices Plummet Amid Middle East Tensions
Gold prices dropped on Wednesday due to concerns that escalating Middle East tensions could drive inflation higher, making investors bet on increased interest rates.
The US is set to release key inflation data later this week, which will likely influence gold prices. As of now, spot gold is down 0.1% at $4,349.44 per ounce, while December US gold futures are down 1% at $4,393.30.
The price movement also affected other metals, with spot silver decreasing by 0.1% to $65.84 per ounce and palladium falling by 0.2% to $1,345.83. However, platinum saw a slight increase of 0.6% at $1,824.53.