Gold Price Drop Deepens as Fed Holds Rates and Iran War Fuels Inflation Fear
Gold fell 1% to $4,550.39 an ounce in New York Wednesday, touching a one-month low as rising oil prices and U.S. Treasury yields pressured bullion. The Federal Reserve kept rates steady at 3.5–3.75% and cited elevated inflation, partly from higher energy costs due to the Iran war. Brent crude surged over 7% to $119.34 a barrel. Silver dropped 1.8% to $71.75 an ounce, with platinum and palladium also lower.