Gold drops 2.57% amid Hormuz attacks and oil surge
Spot gold fell 2.57% to $4,034.76 per ounce, and silver declined 5.85% to $54.47, after new attacks in the Strait of Hormuz pushed Brent above $112 per barrel.
Spot gold fell 2.57% to $4,034.76 per ounce, while COMEX gold closed down 2.12% at $4,042.80, according to Guardian Gold.
The decline came after renewed attacks on shipping in the Strait of Hormuz, which pushed Brent crude above $112 per barrel and revived fears of oil-driven inflation and higher interest rates.
Silver fell 5.85% at the New York close to $54.47 per ounce, and platinum dropped 3.88% to $1,559, while the gold-to-silver ratio rose to 73.03 from 71.41.
In separate US data, weekly jobless claims fell by 6,000 to 194,000, a reading indicating continued resilience in the labor market.
What do these terms mean?
Strait of Hormuz: A narrow waterway through which a significant portion of global oil exports passes, making any disruptions there impactful on energy prices.
Gold-to-silver ratio: The number of silver ounces needed to buy one ounce of gold, used to measure risk appetite in metals markets.
Jobless claims: Weekly data measuring the number of Americans filing new claims for unemployment benefits, serving as an early indicator of the labor market.
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