Gold rises to a three-month high as traders watch US inflation and bond markets
Gold climbed near $4,700 an ounce while bitcoin moved above $80,000, with investors also tracking falling oil prices and a US bankruptcy case.
Gold prices reached their highest point in three months on Tuesday as traders weighed signs of US inflation pressure and fresh unease in bond markets. The metal traded close to $4,700 an ounce, while bitcoin also moved above $80,000.
Oil prices fell even as markets monitored the risk of tougher US sanctions on Iran and on countries that continue to trade with it. The moves came amid broader caution across commodities and financial assets.
In the US, First Brands Group, a car parts maker known for products including spark plugs, wiper blades and motor oil, entered liquidation after a bankruptcy court turned down a restructuring plan. The proposal had been negotiated with lenders and unsecured creditors and would have relied in part on litigation against insiders to help repay debts.
The company’s collapse adds to pressure in a sector already facing financing strain, according to court proceedings reported by the Guardian. The developments came as European governments and businesses were also taking a firmer approach to trade with China, according to BBC Business.
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