ALBAWABA - Gold is back above $4,500 an ounce after a hold in oil prices allayed inflation concerns, even as US-Iran war continues.
Gold is back up as oil settles despite reported US-Iran war deadlock; with the Iranians suspending communications with the US due to the Israeli attacks on Lebanon, with US claiming that they’re still talking.
This uncertainty seems to be the biggest definer of market trends, as evidenced these past months, as conflicting reports and statements fuel further market turbulence.
Brian Lan, GoldSilver Central Managing Director, said: “It seems that because of the ceasefire between Israel and Hezbollah, we're seeing a bit of an uptick in terms of gold prices,” adding also that low US Treasury yields also support the rising metal.
Investors are now awaiting US nonfarm payrolls and employment reports due later in the week alongside remarks from US Federal Reserve policymakers including Fed President Beth Hammack and Fed Governor Michael Barr.
Federal Reserve Building in Washington DC, United States, FED (Shutterstock)
Ilya Spivak, head of global macro at Tastylive stated: “On the upside, the main barrier to break here seems to be right around $4,900. If (gold) confidently re-establishes a foothold of the $5,000 mark, then we'll know that gold is once again re-engaging with its longer-term dynamics.”
Among other metals, spot silver rose 2.1% to $76.41 per ounce, platinum gained 1.8% to $1,958.67 and palladium rose 1.5% to $1,382.33 according to Reuters.
