Gold Slips Below $4,150 as Oil Fuels Fed Tightening Bets
Spot gold fell under $4,150 and traded near $4,120 in early Asian trading as higher oil prices renewed concerns over US inflation and Federal Reserve tightening.
XAUUSD
Gold eased during early Asian trading on Wednesday, with XAU/USD slipping below the $4,150 level and trading around $4,120.
Elevated oil prices are reinforcing expectations that US inflation could remain sticky, which in turn supports the case for further Federal Reserve tightening. That environment is weighing on the non-yielding precious metal.
Sellers remain in control near the lows as rate-hike prospects continue to pressure gold.
Source: FXStreet Forex News