Gold price is mixed as oil above $100, rising yields and a stronger dollar pressure the gold market. Traders watch $5002.31 support ahead of key Fed and global central bank meetings.
Gold holds near $5,000 as Oil-driven inflation risks cap upside
Markets remain firmly on edge as the conflict in the Middle East continues, with oil prices keep on grinding higher. Though European equities and US futures firmed up a tad today as traders wondered whether there may be an end in sight in the conflict, sentiment remained cautious.
Gold prices fell to 5,023 USD per ounce on Monday, extending losses after two consecutive weeks of decline. Pressure on the market persists amid rising oil prices, with the situation becoming more problematic following a US strike on Iran's Kharg Island oil terminal – one of the country's key export hubs.
Geopolitical turmoil typically supports demand for gold as a safe-haven asset. However, in the current environment — with the Middle East conflict now lasting more than two weeks — the surge in oil prices and the associated inflation risks have moved to the forefront.
Gold and Oil were on the move after both commodities broke psychological levels. As oil tests $100 and Gold breaking lower past $5,000, will the price swings continue in this volatile market?
Gold (XAUUSD) slips below the $5,019 triangle support as bearish momentum builds. With Silver breaking $80, are we heading for $4,925?
Gold managed to fall below the support of 4996 and managed to print a low around 4967. As we see from the Intraday chart, a chance for a trading zone between support 4960 and resistance 5065 could hold the market.
Gold remains subdued near $5,000 due to fading Fed rate cut bets
Gold price steadies near $5000 as a weaker dollar offers support, but rising crude oil threatens the gold market outlook by delaying Fed rate cuts and keeping yields elevated.
Saudi Arabia Gold price today: Gold steadies, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data