Gold slides over 1% as oil surges on Strait of Hormuz closure fears
GLD•Other precious metals fall
COMEX gold speculators trimmed their net long positions by 1,964 contracts to 114,854 in the week to July 7, data released on Friday showed, following three consecutive weeks of increases. CFTC/
Elsewhere, spot silver XAG= declined 2.5% to $58.35 per ounce, platinum XPT= shed 0.5% to $1,619.72, and palladium XPD= fell 1.5% to $1,257.82.
Gold falls as oil and yields rise
Gold prices slid more than 1% on Monday as fears of a closure of the Strait of Hormuz drove oil prices sharply higher, reviving expectations of elevated interest rates to combat inflationary pressures from escalating hostilities in the Middle East.
