Commodities
Gold Price Firms on Softer Dollar Amid Middle East Tensions
The price of gold rose by 0.4% to $4,372.19 per ounce on Wednesday due to a softer dollar and renewed tensions in the Middle East.
The US dollar remained subdued, making dollar-priced metals more affordable for holders of other currencies.
Kelvin Wong, senior market analyst at OANDA, noted that there is a 'tug of war' between bulls and bears in the short term until the end of this week when the CPI report is released.
The Middle East conflict intensified with Iranian-backed Houthis launching strikes on several Saudi cities, further embroiling a US ally in the conflict.