FINWIRES · TerminalLIVE
FINWIRES

Gold Falls to Monthly Low as Renewed US-Iran Fighting Fuels Inflation Concerns

By

Gold fell to its lowest level this month early Monday amid heightened inflation worries following renewed fighting between Iran and the U.S. over the weekend.

Gold for August delivery was last seen down $44.10, or 1.1%, to $4,069.60 per ounce, the lowest since June 30.

The US on the weekend struck sites in Iran, while Tehran targeted shipping in the Strait of Hormuz and US assets in neighboring countries. Iran also renewed its threat to close the Strait, the chokepoint through which about 20% of global oil consumption moves before reaching international markets.

The fresh fighting pushed up oil by nearly 4%, feeding the inflation worries that have dominated trading since the Feb. 28 start to the war, heightening concerns central banks will need to raise interest rates to combat rising inflation, sending investors to the dollar and bonds and away from gold.

"Precious and industrial metals are once again under pressure as renewed hostilities in the Gulf rekindle concerns about inflation and the risk of further Federal Reserve tightening, creating additional headwinds through higher bond yields and a stronger dollar," Saxo Bank wrote.

Still, the dollar was steady early, with the ICE dollar index last seen down 0.02 points to 100.93. Treasury yields rose, with the US two-year note last seen paying 4.235%, up 1.9 points, while the yield on the 10-year note was up 2.1 points to 4,583%

Related Articles

Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were higher in late Friday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.3%.The Philadelphia Housing Index was climbing 1.9%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.Bitcoin (BTC-USD) was increasing 1% to $63,828, and the yield for 10-year US Treasuries rose 3 basis points to 4.569%.In corporate news, UBS (UBS) played a key role in fueling withdrawals from Blue Owl's (OWL) Technology Income fund after it advised clients to pare down their private credit holdings, the Financial Times reported. Investors began pulling large sums of money from the fund in Q4 2025 just after the Swiss banks told clients with large private credit holdings to reduce their positions, the report said. UBS shares rose 0.5%, and Blue Owl was up 1.1%.Apollo Global Management (APO) launched a $7.65 billion bid for London-based airline EasyJet on Friday, modestly outbidding rival financial house Castlelake, Reuters and Bloomberg reported. Separately, Apollo has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said Friday. Apollo's shares were up 0.7%.Circle Internet Group (CRCL) received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. Circle shares gained 4.5%.Jackson Financial (JXN) shares climbed 6% after Jefferies upgraded the stock to buy from hold and raised the price target to $140 from $120.

$APO$CRCL$JXN$OWL$UBS
Sectors

Sector Update: Energy Stocks Advance Late Afternoon

Energy stocks were slightly higher late Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each increasing 0.2%.The Philadelphia Oil Service Sector Index was adding 1.2%, and the Dow Jones US Utilities Index was up 0.6%.Front-month West Texas Intermediate crude oil fell 0.7% to $71.56 a barrel, and the global benchmark Brent crude contract decreased 0.2% to $76.12 a barrel. Henry Hub natural gas futures dropped 2.3% to $2.94 per 1 million BTU.In sector news, the International Energy Agency on Friday projected a smaller decline in global oil demand in 2026 amid signs of a rebound in consumption as crude flows improve. The agency now expects oil consumption to fall by 1 million barrels per day this year, compared with a 1.1 million-barrel drop forecast in June. That would mark the first annual contraction since 2020, CNBC reported.In corporate news, Sempra (SRE) said Thursday it appointed Justin Bird as chief financial officer and Karen Sedgwick as president and chief executive of Southern California Gas. The appointments will take effect when the company's planned sale of a 45% stake in Sempra Infrastructure to KKR (KKR) affiliates closes. Sempra expects the deal to close in Q3. Sempra shares were down 0.5%.BHP (BHP) is mulling the sale of a desalination plant in Chile, along with its electricity transmission assets, as it focuses on its core copper business, Bloomberg reported. The electricity transmission assets are expected to fetch about $1 billion to $1.3 billion, while the desalination plant could raise about $500 million to $700 million, the report said. BHP shares were up 2.4%.South Bow's (SOBO) subsidiaries South Bow USA and South Bow Infrastructure Operations have agreed to pay more than $26 million to settle allegations that the 2022 Keystone Pipeline rupture in Kansas violated the Clean Water Act, the Environmental Protection Agency, the Department of Justice and the State of Kansas said Friday. South Bow shares were down 0.8%.Plains All American Pipeline's (PAA) Q2 results are likely to be pressured by the company's recent sale of its Canadian natural gas liquids business, UBS Securities said Thursday in a report. Plains All American shares were fractionally higher.

$BHP$PAA$SOBO$SRE
Sectors

Sector Update: Healthcare Stocks Decline Late Afternoon

Healthcare stocks were lower late Friday afternoon, with the NYSE Healthcare Index decreasing 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.8%.The iShares Biotechnology ETF (IBB) fell 2.6%.In corporate news, Bausch + Lomb (BLCO) shares fell 2.9%. The company said late Thursday that results from a phase 2 trial assessing BL1107 in people with glaucoma showed the study did not meet its primary endpoint of replicating visual function improvements seen in a smaller phase 1/2a trial.Pfizer's (PFE) Q2 revenue is expected to match Wall Street's estimates, but its EPS may fall short, RBC said in a note. Separately, Pfizer's vaccine disputes with Poland and Romania continue, now extending to the countries' air traffic agencies, Bloomberg reported. Pfizer shares were fractionally higher.SL Science (SLBT) shares gained 4.4% after it said Friday it has submitted an orphan drug designation request to the US Food and Drug Administration for its Gamma Delta T therapy, named Vdelta2+ Gamma Delta T Cells, for the treatment of glioblastoma multiforme.Cosmos Health (COSM) shares jumped 15% after it said Friday that it has launched a subscription-based purchasing model for its consumer health brands.

$BLCO$COSM$PFE$SLBT