Gold eases as fresh US-Iran tensions lift oil prices, rate-hike bets

Gold eased on Wednesday to its lowest level in nearly a week, as US strikes on Iran boosted oil prices and the dollar, raising concerns that ​inflation could keep interest rates higher for longer and weigh on non-yielding ‌bullion. Spot gold fell 0.1% to $4,100.32 per ounce by 0107 GMT, after dropping to its lowest since July 2 earlier in the day. US gold futures for August delivery shed 1.1% to $4,112.50. The ​US military unleashed a new wave of strikes against Iran on Tuesday and revoked ​a licence allowing the country to sell oil after three tankers were ⁠hit by projectiles in the Strait of Hormuz, putting pressure on an already fragile ​ceasefire. US oil prices jumped nearly 3% in early trade, extending the previous session’s ​gains, while the U.S. dollar clung to its highest levels of the week against most of its peers.