Gold prices rose on Thursday, supported by a retreating U.S. dollar after briefly touching their lowest level in over a month. However, gains remained capped due to a hawkish stance from the Federal Reserve, which dampened expectations for near-term interest rate cuts.
Market Performance:
• Spot Gold: Rose 0.8% to $4,856.82 per ounce by 01:15 GMT, recovering from an earlier dip to its lowest level since February 6. Prices had plunged 3.7% on Wednesday.
• U.S. Gold Futures (April delivery): Dropped 0.8% to $4,858.60.
The decline in the dollar made greenback-priced gold more affordable for holders of other currencies.
Geopolitical Impact and Inflation Concerns
Oil prices surged above $110 per barrel after Iran attacked several energy facilities across the Middle East. These strikes followed an attack on Iran’s South Pars gas field, further exacerbating global inflation fears.
Notably, spot gold prices have fallen by more than 9% since the start of U.S.-Israeli strikes against Iran on February 28. This decline is largely attributed to the strength of the U.S. dollar, which has emerged as a primary winner in the race for safe-haven assets.
Other Precious Metals
• Spot Silver: Up 1.5% to $76.52 per ounce.
• Spot Platinum: Gained 0.6% to $2,035.25.
• Spot Palladium: Rose 1.2% to $1,492.25.
Source: Reuters
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