Gold Drops 2.76% to $3,877 an Ounce, Lowest in Over a Year as Oil Prices Climb
Spot gold fell 2.76% to close at $3,877.84 an ounce on Thursday, its third straight decline and lowest level in more than a year. Higher oil prices and hawkish Federal Reserve signals weighed on the metal. US crude rose 2.64% to $88.70 a barrel after Trump said the US does not need a deal with Iran. Traders price an 84.7% chance of a 25 basis point December rate hike.