Gold Watch: $4,500 Level in Focus for Next Move
Gold held close to $4,500 an ounce heading into the weekend, logging a second week of losses. Oil-fueled inflation concerns and rising Federal Reserve rate-hike bets offset some safe-haven demand for bullion. StoneX’s Rhona O’Connell said investors are “fixed upon Hormuz,” tying risks around the Strait of Hormuz to supply chain fears, inflation and chances for higher rates. Spot trading was shut on Saturday. Kitco’s New York spot screen put gold at $4,508.50 bid and $4,510.50 ask at 5 p.m. Friday, a 0.74% drop over the session. Silver lost 1.52%, platinum dropped 2.49%, palladium fell 2.98%.