🔴 Gold Bullion ETF (CGL.TO) is trading 3.61% down as oil fuels inflation fears and rate-hike bets

CGL.TO is trading at CA$31.25, down 3.61%, as higher oil prices renewed inflation concerns and strengthened expectations of further Fed rate hikes.

• Reuters reported spot gold fell 2.7% to $4,171.85 per ounce as of 0627 GMT.
• President Trump’s rejection of Iran’s Hormuz proposal added to oil-supply concerns; elevated bond yields raised the opportunity cost of holding non-yielding gold.
• Traders priced a 69% chance of an October U.S. rate hike.