Gold drops into the weekend as traders are trying to sort out inflation, the interest rate markets, and, of course, the situation in the Middle East. Markets continue to hang in the balance due to the latest headlines.
Gold markets have had a slightly negative week, as we continue to try to determine where risk appetite is going overall.
Gold heads for third weekly loss as hawkish Fed overshadows US-Iran initial peace deal
Gold managed to meet the target at 4170 and broke below. As we see from the chart, prices still face support at 4025 which could create a trading zone toward 4220 and 4332.
Gold prices have come under pressure once again this morning. The precious metal is now down for the third consecutive week and the fourth consecutive month at the time of writing.
The ongoing US-Iran ceasefire amid Iran-Israel tensions allowed gold and silver to focus on technical levels. Gold retested $4,172 support while silver traded at $65.24.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
Gold weakens further below $4,200 as hawkish Fed and Iran uncertainty boost USD
Gold declines to near $4,200 as hawkish Fed stance offsets support from US-Iran peace deal