Gold Price Today Holds Near $4,409 After Four-Month Low as Oil, Rates Upend Safe-Haven Trade
Gold hovered right around $4,409 an ounce on Tuesday, sticking close to levels seen after Monday’s slide to a four-month low. Traders were caught between ongoing tensions in the Middle East and the threat of stubborn inflation and higher rates. By 11:00 a.m. ET, spot gold was almost flat at $4,408.77, with April U.S. gold futures unchanged at $4,409.30. Silver climbed 1.1%, platinum moved up 0.7%, and palladium slipped 1.3%. “If the war continues and energy prices keep grinding higher, it’s not great news for gold,” said Bart Melek, global head of commodity strategy at TD Securities. This shift has teeth: bullion—traditionally a go-to in turbulent times—is getting squeezed by surging energy costs. Oil ticked higher Tuesday, the dollar caught a bid, and yields on the U.S. 10-year pushed up to 4.37%. Tough for an asset like gold, which doesn’t throw off any yield.