Gold eases on stronger oil as fresh Mideast hostilities erupt

Gold prices slipped on Wednesday, as renewed hostilities in the Middle East pushed crude oil prices higher, cementing fears that interest rates would stay ​higher for longer to tame inflation. Fundamentals Spot gold fell 0.2% to $4,476.50 ‌per ounce by 0103 GMT. U.S. gold futures for August delivery fell 0.3% to $4,504.40. Gulf hostilities flared anew on Wednesday, with the U.S. military saying Iranian missile attacks on Bahrain, ​Kuwait and other regional targets were either thwarted or failed as ​diplomacy between Washington and Tehran showed little progress. U.S. Secretary of ⁠State Marco Rubio said on Tuesday that President Donald Trump’s negotiating team ​has not offered Iran sanctions relief in exchange for reopening the Strait of Hormuz ​and insisted that any sanctions relief was tied to Tehran giving up its nuclear programme.