Gold softens on prospects of Fed rate hikes as Brent tops $100 - Reuters
Source: Reuters
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DW NOTE
The Fed is threatening rate hikes while crude sits at $90 and PPI inflation runs at 5.5%. Gold's 23% drawdown since January isn't fear of hawkish central banking — it's recognition that when the choice is between monetary discipline and funding a $1.4 trillion deficit, discipline loses every time.
Oil prices hit the $100 per barrel mark early on Wednesday in Asian trade as the ongoing crisis in the Middle East has diminished hopes of U.S.-Iran talks and a return to normal oil flows soon. As of early morning trade in Europe on Wednesday, the international benchmark, Brent Crude, jumped by 2.2
Bitcoin advanced to as high as $79,700 while Brent crude topped $100 and European shares fell, leaving crypto tracking gold rather than equities.
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