Gold Prices Fall 13% to $4,580/Ounce; Worst Month Against Oil Since 1973

AI Summary

Gold prices have declined 13% month-to-date, reaching $4,580 per ounce. This marks the worst monthly performance against Brent crude oil since December 1973, with the gold-to-Brent ratio down 43% to approximately 40. The rise in oil prices, attributed to the Iran war and disruptions in the Strait of Hormuz, has heightened inflation fears and changed market expectations regarding Federal Reserve interest rates. Currently, there is a 17% chance of a Fed rate hike this year, significantly higher than prior to the conflict.