Gold Climbs 1.8% Above $4,080 as Middle East Strikes Stoke Inflation Fears
Updated
Updated · Bloomberg · Jul 21
Gold Climbs 1.8% Above $4,080 as Middle East Strikes Stoke Inflation Fears
3 articles · Updated · Bloomberg · Jul 21
Summary
Bullion rose as much as 1.8% and traded above $4,080 an ounce, touching its highest level in a week after dip-buyers returned.
Fresh US strikes on Iranian targets and President Donald Trump's warning that Tehran “will pay” for killing three US soldiers kept traders focused on whether the conflict will lift energy costs and inflation.
Oil edged lower after two days of gains, but gold held firm even after ending the previous session down 0.2%, underscoring demand for inflation and geopolitical hedges.
The move extends gold's sensitivity to Middle East developments, with traders now watching energy-price fallout as the next driver for bullion.