Gold fell on Wednesday, taking a breather after rallying last session following an escalation of conflict in West Asia, but oil prices rose again.
Spot gold prices fell 0.5% to $2,650.89 an ounce at 11:46 GMT, after jumping more than 1% on Tuesday after Iran launched missile attacks on Israel.
After previously reaching $76, the price for a barrel of Brent oil stood at $74.49, up 1.3% from the day before.
While Israel is not a major oil producer, Iran is, and concern is that a spreading war could hit other neighboring countries that are also integral to the flow of crude oil.
U.S. stocks fell on Wednesday and Treasury yields rose after an encouraging update on the strength of the U.S. labor market. The S&P 500 was essentially flat in afternoon trading, a day after falling from its record high on concerns about a possible spread of fighting in West Asia.
Published – Oct 2, 2024 11:21 PM IST
