The broader intermarket chain remains solid. Middle East oil supply risks, from storage facility threats to Strait of Hormuz disruptions, have been lifting crude prices, inflation expectations, and the US Dollar.
Gold steadies on softer USD, lower yields and easing inflation fears
Gold: Fed expectations support medium-term prices – Commerzbank
Bearish view: pressure on the price comes from statements by President Trump suggesting that the conflict in the Middle East could end soon. Yesterday, the US president described the operation in Iran as a “small incursion” and a “short-term” measure, which helped ease geopolitical risks and reduce demand for gold as a safe-haven asset.
Gold steadies near $5,183 as Middle East tensions boost safe-haven demand, while CPI and PCE data could decide the next XAU/USD move.
Gold managed to hold trades below the support zone of 4994-5025 to rebound towards 5186 so far. The market still has room for a further advance to test the resistance zone of 5206-27, which could push for a correction.
Gold: Safe-haven bid seen on dips – OCBC
Saudi Arabia Gold price today: Gold rises, according to FXStreet data
Philippines Gold price today: Gold rises, according to FXStreet data
United Arab Emirates Gold price today: Gold rises, according to FXStreet data
Pakistan Gold price today: Gold rises, according to FXStreet data
Gold rises as geopolitical risks underpin safe-haven demand; USD strength limits gains