Gold holds near $4,000 as US-Iran clashes push Brent above $90
Why it matters: Higher oil prices are reviving inflation fears and keeping at least one Fed rate hike this year in play.
Gold steadied around $4,000 an ounce on Monday after the United States and Iran intensified attacks over the weekend, while traders weighed the risk that higher energy costs could keep inflation elevated. Spot gold traded near $4,006 in Singapore after losing more than 2% last week. Brent crude climbed above $90 a barrel as fighting in the Middle East widened to include an attack on a key oil facility in Kuwait and strikes on ships trying to pass through the Strait of Hormuz. The conflict, now in its fifth month, is driving up prices for fuel and other commodities. Swap markets are now pricing in at least one Federal Reserve rate hike by the end of 2026.