Gold loses its shimmer in Asia over rising oil prices, hawkish Fed stance

Asia’s gold rush is starting to lose some of its lustre, as surging oil prices due to the Iran war dampen rate-cut hopes that recently helped fuel one of the metal’s strongest rallies in years. A surge in energy costs has revived inflation concerns and made central banks less likely to cut rates, and this has made interest-bearing assets more attractive, according to analysts. Gold prices fell by 12 per cent from US$5,247.90 per troy ounce on February 27 to US$4,620 on Friday morning. The met...

By Biman Mukherji