Gold gave up earlier gains to trade largely flat on Thursday as a surge in oil prices, triggered by reports that Iran was reviewing restrictions on “hostile” vessels in the Strait of Hormuz, revived concerns over inflation and the prospect of higher interest rates.
Spot gold was little changed at $4,244.29 an ounce by 2:50 p.m. EDT (1850 GMT), after hitting its highest level since June 18 earlier in the session. The precious metal had surged more than 4% on Wednesday, marking its biggest one-day gain since February.
