Commodities
Gold Stalls at $4,130 Amid Oil Price Surge and Tightening Expectations
Gold prices stalled near $4,130 an ounce on Thursday as investors weighed a weaker dollar against rising oil prices and the sharpest increase in short-term Treasury yields in more than a year.
The spot price of bullion was little changed at $4,132.01 after reaching $4,165.87 on Wednesday, its highest level since July 7.
August futures slipped 0.4% to $4,134.60 as the market struggled to extend gains due to the Middle East conflict strengthening expectations that the Federal Reserve may need to tighten policy again.
'The oil rally is keeping inflation and rate-rise concerns alive, preventing gold from fully benefiting from a modest decline in the dollar,' said IndusInd Securities analyst Jigar Trivedi.