Gold falls amid rising oil prices and higher US dollar

Gold hits seven-week low; silver follows suit and records a nearly 5 percent loss.

Although gold is traditionally considered an inflation hedge, higher interest rates dent ⁠its appeal as investors ​prefer yield-bearing assets [File: Arko Datta/Reuters]

Gold prices are falling as concerns of rising fuel prices stoke inflation worries on the back of the war between the United States and Iran.

Spot gold prices fell by 3.3 percent to reach a more than seven-week low at $4,146.51 per ounce on Monday.

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Rising oil prices, a higher US dollar and Treasury yields stoked inflation concerns, creating further headwinds for the metal .

This is the lowest level for gold values since August 5. US gold futures also fell by 3.3 percent to $4,178.40.

Although gold is traditionally considered an inflation hedge, higher interest rates dent ⁠its appeal as investors prefer yield-bearing assets.

“There might be no notable direct impact on regular people due to that. However, investors who had turned to gold will see a hit, especially under the current high inflation rates,” Sherif Othman, CEO of the Maryland-based Poise Investment Advisors, told Al Jazeera.

“Gold does not yield interest, so when Treasury yields go up, investors turn away from gold, impacting its value”, he added.

The Fed lifted benchmark rates by a quarter ⁠percentage point earlier this month and flagged that at least one more hike is likely in the coming months.

The US dollar was steady near a two-month high, and oil prices spiked about 3 percent as US President Donald Trump rejected an Iranian offer ⁠to resolve the conflict and reopen the Strait of Hormuz.

Such factors triggered several policymakers to warn that inflation risks remain elevated and that interest rates may need to rise, with Cleveland Fed President Beth Hammack among the latest officials to reiterate that view.

Higher Treasury yields and the US dollar are “creating a perfect storm to push the metals prices sharply lower,” according to Jim Wyckoff, a market analyst at American Gold Exchange.

Spot silver also fell by 4.7 percent to $61.27 per ounce, platinum declined 2.9 percent to $1,726.30 and palladium lost 4.4 percent to $1,211.45.

黄金价格跌至七周低点；白银价格也随之下跌近5%。

尽管黄金传统上被视为对冲通胀的工具，但随着利率上升，投资者更倾向于收益型资产，黄金的吸引力也随之下降。[图片：Arko Datta/路透社]

由于美伊战争引发的燃油价格上涨担忧加剧了通胀担忧，黄金价格下跌。

周一，现货黄金价格下跌 3.3%，跌至每盎司 4,146.51 美元，创下逾七周新低。

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油价上涨、美元走强和国债收益率上升加剧了通胀担忧，给金属价格带来了进一步的不利影响。

这是自8月5日以来黄金价格的最低水平。美国黄金期货价格也下跌了3.3%，至每盎司4178.40美元。

虽然黄金传统上被视为对冲通胀的工具，但随着利率上升，其吸引力下降，因为投资者更倾向于收益型资产。

“这可能不会对普通民众造成明显的直接影响。然而，那些转向黄金的投资者将会受到冲击，尤其是在当前高通胀率的情况下，”总部位于马里兰州的 Poise Investment Advisors 首席执行官谢里夫·奥斯曼告诉半岛电视台。

“黄金不产生利息，所以当国债收益率上升时，投资者就会抛售黄金，从而影响黄金的价值，”他补充道。

美联储本月早些时候将基准利率上调了0.25个百分点，并暗示未来几个月可能至少还会加息一次。

美元汇率稳定在近两个月高位附近，而由于美国总统唐纳德·特朗普拒绝了伊朗提出的解决冲突和重新开放霍尔木兹海峡的提议，油价飙升了约3%。

这些因素促使多位政策制定者发出警告，称通胀风险依然高企，利率可能需要上调。克利夫兰联邦储备银行行长贝丝·哈马克是最新一位重申这一观点的官员。

美国黄金交易所市场分析师吉姆·威科夫表示，美国国债收益率上升和美元走强“正在形成一场完美风暴，将金属价格大幅推低”。

现货白银下跌 4.7% 至每盎司 61.27 美元，铂金下跌 2.9% 至每盎司 1726.30 美元，钯金下跌 4.4% 至每盎司 1211.45 美元。