Gold Price Today Slides Below $4,900 to One-Month Low as Fed Bets Harden
Gold slumped Wednesday, dropping to its lowest point in over a month as the dollar strengthened and another surge in oil prices cemented expectations for the Federal Reserve to stick with elevated rates. Spot bullion slid 2.6% to $4,874.19 an ounce by 11:14 a.m. ET, hitting its softest mark since Feb. 6. April U.S. gold futures were also down 2.6%, settling at $4,878.20. This comes after gold managed to stay above $5,000 as of Tuesday, despite the Iran war entering its third week. But now, the ongoing conflict is driving up energy prices and stoking inflation worries—enough to outweigh safe-haven flows. With rates still elevated, gold, which offers no yield, is up against it.