Gold Just Shed 3 Quarters of Gains, Expert Lists 3 Stocks You Should Watch

Gold closed at $3,976 per ounce on Thursday. It was the lowest close of the year, erasing nearly all of the gains of the last three quarters. The yellow metal has entered a drawdown of about 26% below its January peak near $5,600—only its fifth drawdown of more than 25% since 1960, according to Morgan Stanley analysts. The catalyst is geopolitical. Renewed U.S.–Iran hostilities in the Middle East have driven Brent crude above $85 a barrel, rekindling fears of sticky inflation. Those fears have hardened expectations that the Federal Reserve will keep nominal interest rates elevated, which is a headwind for non-yielding metals. “Precious metals have come under selling pressure as oil prices move back into the $80s/bbl range,” Ryan McKay, senior commodity strategist at TD Securities , said...