- Gold traded near $4,110 an ounce after falling 1.3% to its lowest since early August, a nine-week low.
- Tehran has escalated attacks on tankers in the Strait of Hormuz, while the White House is weighing options for military strikes against Iranian targets before November midterm elections.
- War-driven inflation concerns and prospects for at least one more US rate hike this year are weighing on bullion.
Quotes
“Gold traded near a nine-week low as fresh tensions in the Strait of Hormuz heightened war-driven inflation concerns and investors weighed prospects for at least one more US rate hike this year.”
“Bullion was near $4,110 an ounce, after falling 1.3% the day before to the lowest since early August.”
“Tehran has stepped up attacks on tankers crossing the key waterway, while the White House is reportedly considering options for military strikes against Iranian targets ahead of midterm elections in November.”