Gold prices dropped below ,100 on Friday as rising oil prices intensified inflation fears, pushing investors toward the US Dollar. The precious metal fell to ,090 during Asian trading hours amid a stronger USD and higher Treasury yields, which typically reduce gold's appeal as an inflation hedge. Analysts attribute the decline to a combination of central bank policy expectations and energy market dynamics, with oil prices climbing to multi-month highs. The move highlights the inverse relationship between gold and the USD, as a stronger greenback makes dollar-denominated commodities less attractive. Traders are closely monitoring the Federal Reserve's stance on interest rates and inflation data, which could influence both gold and oil markets. The decline in gold also reflects reduced demand for safe-haven assets amid improving risk appetite in global equities. For commodity traders, the next key focus will be the OPEC+ meeting in June and potential supply adjustments that could impact oil prices. Additionally, central bank gold purchases, particularly from emerging markets, may provide a floor for prices. Investors should watch for technical support levels around ,000 and potential rebounds if inflation concerns ease.
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