Gold fell more than 2% on Thursday after fighting in the Middle East pushed oil prices higher, stoking inflation concerns, lifting Treasury yields and reinforcing expectations for further US rate hikes this year. American Gold Exchange analyst Jim Wyckoff said rising crude is driving yields up because investors see the Fed as less able to cut rates amid inflation; markets expect the Fed to hold rates next week, possibly with hawkish rhetoric, but would react to any surprise dovish or hawkish shi

Gold fell more than 2% on Thursday after fighting in the Middle East pushed oil prices higher, stoking inflation concerns, lifting Treasury yields and reinforcing expectations for further US rate hikes this year. American Gold Exchange analyst Jim Wyckoff said rising crude is driving yields up because investors see the Fed as less able to cut rates amid inflation; markets expect the Fed to hold rates next week, possibly with hawkish rhetoric, but would react to any surprise dovish or hawkish shift.