Gold rises 0.4% to $4,372.19 amid weak dollar and tensions with Iran
Spot gold climbed slightly while futures dropped slightly due to a resilient US dollar and rising geopolitical friction between Washington and Tehran.
Gold prices moved higher in spot transactions by 0.4 percent, reaching $4,372.19 per ounce at 02:30 GMT on Wednesday. Simultaneously, US gold futures fell 0.5 percent to $4,416 per ounce. The dollar remained weak, which reduced the cost of holding dollar-denominated gold for foreign investors. Kyleen Wong, senior markets analyst at OANDA, noted that the short-term gold market displayed mixed sentiment from optimists and pessimists. He predicted this oscillation would continue until the end of the week following the release of US consumer price index data. Wong added that expectations of a tighter Federal Reserve monetary policy put pressure on gold prices. Markets are currently watching for potential US-Iran tensions to impact the interest rate trajectory.
