🔴 Gold ETF (IAUM) is trading 3.2% down in pre-market as an oil rebound revives rate-hike concerns

IAUM is trading at $41.40, down 3.20%, as an oil rebound renewed rate-hike concerns.

• Gold fell about 2% in early Asian trading after oil rebounded on renewed Iran-related tensions, reviving inflation and rate-hike concerns.
• Higher oil prices and Treasury yields near 5.2% added pressure to bullion; gold was reported around $4,265 an ounce.
• The geopolitical reversal followed President Trump’s rejection of Iran’s Strait of Hormuz proposal, reversing the prior easing in oil-driven inflation fears.