Black Gold Outpaces Yellow

The latest U.S.-Iran crisis is driving a deepening wedge between gold and black gold. Supply fears are buoying oil, with the precious metal trading at the cheapest relative to U.S. crude since 2014 as a stronger dollar, rising U.S. interest rates and a solid global economy overshadow geopolitical tensions. “The safe-haven trade has just not been there,” Frank Cholly, senior market strategist at RJO Futures in Chicago, said by phone.

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