Gold Falls as Oil Gains Renew Inflation Concerns

Beirut: Gold prices fell today as higher oil prices raised inflation concerns and strengthened expectations of interest rate hikes, according to Wafa. Spot gold declined 1.03% to $4,045.95 per ounce, after hitting its lowest level in more than seven months last week. According to National News Agency - Lebanon, oil prices rose more than 1% overnight amid renewed U.S.-Iran attacks. Brent crude futures gained $1.16, or 1.61%, to settle at $73.15 per barrel, while U.S. West Texas Intermediate rose $1.52, or 2.2%, to $70.75 per barrel.