Gold hits 7-week low as oil surge fuels rate hike bets

Spot gold was down 3.8% at $4,121.6 per ounce, after falling to $4,110.5, its lowest since Aug 5. US gold futures fell 3.9% to $4,153.7. "We've got crude oil prices sharply higher. And that suggests still more problematic price inflation, which suggests a tighter Fed Reserve monetary policy," said Jim Wyckoff, a market analyst at American Gold Exchange. Higher Treasury yields and the US dollar at multi-week highs were all "creating a perfect storm to push the metals prices sharply lower," Wyckoff said.You use AI every day. Now get your AI Quotient. Take the AIQ test.