pakistan
Gold eases on stronger oil as fresh Mideast hostilities erupt
Key takeaways
- Spot gold fell 0.2% to $4,476.50 per ounce by 0103 GMT.
- Gulf hostilities flared anew on Wednesday, with the U.S.
- Oil prices rose more than 1% in early trade on Wednesday, deepening concerns over inflation and interest rate hikes.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Gold prices slipped on Wednesday, as renewed hostilities in the Middle East pushed crude oil prices higher, cementing fears that interest rates would stay higher for longer to tame inflation.
Spot gold fell 0.2% to $4,476.50 per ounce by 0103 GMT. U.S. gold futures for August delivery fell 0.3% to $4,504.40.
Gulf hostilities flared anew on Wednesday, with the U.S. military saying Iranian missile attacks on Bahrain, Kuwait and other regional targets were either thwarted or failed as diplomacy between Washington and Tehran showed little progress.
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