Gold Edges Down as Traders Weigh Oil and Dollar Markets Amid War
A worker uses a cloth to dry a freshly cast gold bullion bar at a precious metal refinery in Balerna, Switzerland.
Photographer: Stefan Wermuth/BloombergGold dipped Wednesday after the release of February inflation data offered no relief from mounting concerns that the war in Iran will fuel price pressures, boosting the dollar and Treasury yields at the yellow metal’s expense.
Bullion held below $5,200 an ounce. The US Bureau of Labor Statistics data released Wednesday showed underlying US inflation slowed in February, before the war in Iran. But forward-looking inflationary concerns from the war, which has boosted energy prices, proved stronger, edging the dollar up and denting the appeal of precious metals.