Gold just saw its worst week in decades. This is how the Iran war is contributing. [Yahoo! Finance]
StoneX Group Inc. (SNEX)
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Source: Yahoo! Finance
The war's impacts have already been seen in surging oil and gas costs, with prices hovering around and above $100 a barrel. On Friday, they went to $112 for a barrel of Brent crude. Now, this week, gold dropped , closing around $4,497 per ounce as of Friday afternoon. The week started off at $5,023.53 an ounce - but that changed Wednesday, when the Federal Reserve announced it is holding interest rates steady. Gold's gone down every week since the war in Iran started with joint U.S. and Israeli airstrikes on Feb. 28. Data compiled by Bloomberg shows that holdings in Bullion-backed Exchange Traded Funds have fallen more than 60 tons in the last three weeks. This contrasts with earlier this year, when gold prices hit all-time highs and even went past $5,000 an ounce Financial traders, in response to the Iran war's effect on oil prices, are bracing for central banks to raise interest rates with the aim of curbing inflation, according to BullionVault . This would hurt gold, a
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