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Gold prices fell to a two-month low as uncertainty over the war in Iran resurfaced, pushing oil prices and the U.S. dollar higher.
Spot gold prices fell 1.5% to around $4,390 per ounce at 5:15 a.m. ET. Weak trading is also felt in gold-backed ETFs, such as SPDR Gold Shares, iShares Gold Trust, SPDR Gold Minishares Trust and abrdn Physical Gold Shares ETF.
These funds offer exposure to gold without physically owning it. They declined more than 1% each in premarket trade at the time of writing.
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Oil, Dollar Spike
WTI Crude (July) spiked about 2% to $90.44 per barrel at 5:15 a.m. ET. A rise in oil prices will add to inflation risk, which could push inflation higher and reduce gold’s appeal versus interest-bearing assets.
Meanwhile, the ICE U.S. Dollar Index inched higher by 0.1% at 5:30 a.m. ET. A stronger dollar makes gold expensive for buyers using other currencies.
Analysts Bullish On Gold
Most Wall Street analysts are bullish on gold. Strategists at UBS Global Wealth Management remained bullish but slashed the year-end price target for gold to $5,500 per ounce from $5,900 per ounce, according to the CNBC report.
Mark Haefele, chief investment officer at UBS, said “We remain positive on the outlook for gold.” He added that the U.S.-Iran conflict, energy prices, yields and the dollar could drive near-term swings, but gold would gain momentum as rate-hike expectations ease.
Analysts at Goldman Sachs remain optimistic about the bullion market’s trajectory, citing “strong underlying interest in gold.” The bank recently reaffirmed its forecast for gold to hit $5,400 per ounce by the end of 2026.
The table below highlights the ETFs’ assets under management, expense ratios and year-to-date returns:
ETFs
AUM
Expense Ratio
YTD Returns
GLD
$149.9 B
0.40%
3.07%
IAU
$69.3 B
0.25%
3.15%
GLDM
$30.7 B
0.10%
2.68%
SGOL
$7.6 B
0.17%
3.16%
Photo courtesy: Dodi Dharmanto / Shutterstock
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