Commodities
Gold Bounces Back from Seven-Week Low Amid Middle East Tensions
Gold prices rose on September 29 after hitting a seven-week low in the previous session.
The precious metal's value increased by 0.7% to $4,143.87 per ounce, with US gold futures gaining 0.2% to $4,175.10.
This increase comes as investors assess developments in the Middle East and look ahead to upcoming US economic data for clarity on the Federal Reserve's policy path.
Christopher Tahir, senior market strategist at Exness, noted that geopolitical tensions will remain crucial for gold prices.
Ongoing conflict in the Middle East has led to elevated oil prices, which can fuel inflation and prompt central banks to raise interest rates, making it challenging for gold to rise.