Gold Tumbles Below $4,000 as Haven Asset Is Sold — SkimNews
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- Gold dropped below $4,000 as the “haven” asset joined a broader market sell-off.
- Precious metals tumbled despite falling yields as Hormuz tensions intensified, while gold was set for a second weekly loss as oil-fuelled inflation concerns bolstered the Fed.
Why it matters: Oil-fuelled inflation concerns bolstered the Fed while gold fell below $4,000 and toward a second weekly loss. The overlooked contrast is that falling yields did not spare precious metals: they tumbled anyway as Hormuz tensions intensified, undermining a simple haven explanation for the sell-off.
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