Gold Prices Plummet to Three-Week Low Amid Escalating Middle East Tensions
Gold prices dropped to their lowest in over three weeks on Wednesday, weighed down by escalating Middle East tensions and inflation fears. Spot gold fell 0.6% to $4,304.01 per ounce, its lowest since August 7.
The decline was driven by rising oil prices, which stoked concerns about inflation and prompted investors to focus on upcoming US jobs data.
US gold futures for December delivery also declined, falling 1% to $4,350.80.