Gold Price Today: Why Bullion Fell as Oil Spike, Rupee Slide Hit Indian Market
Gold dropped nearly 1% Monday, pressured by an oil rally that followed faltering U.S.-Iran peace talks and reignited inflation and rate worries among bullion traders. Spot gold slipped 1% to $4,667.99 an ounce by 0852 GMT. U.S. June gold futures slid 1.1%. “Inflation risks still weigh heavy on the market’s collective mind,” noted Han Tan, chief market analyst at Bybit. For India, this isn’t just another blip in metals trading. The rupee slid to a fresh record—95.31 per dollar—after Brent crude climbed 2.5% to $103.8 a barrel. Shipping through the Strait of Hormuz remains blocked. That lift in oil prices puts India at risk: a wider current account deficit, sluggish growth, and hotter inflation, Reuters noted.