Gold Prices Hold Steady Amid Escalating Tensions, Oil Price Surge
Gold prices held steady on Thursday, September 10, while silver inched lower due to escalating West Asia tensions and oil prices surpassing $100 a barrel. Investors are also eyeing upcoming US inflation data that could influence the Federal Reserve's rate decision.
The spot gold price was around $4,461.40 an ounce, up marginally from the previous close of $4,448 an ounce. Silver traded at $68.11 an ounce, down 0.78%. Gold had risen over 1% in the previous session due to a softer dollar and heightened geopolitical tensions supporting demand for the safe-haven asset.
According to Vedika Narvekar, Research Analyst, Commodities & Currencies, Anand Rathi Share and Stock Brokers, market focus is now on Friday's US consumer inflation data. A softer-than-expected reading could reduce expectations of tighter monetary policy and provide further support to gold, while a stronger print could push yields higher and weigh on the metal.
Narvekar expects gold to remain in the $4,300-$4,500 an ounce range in the near term, with a sustained move above $4,500 an ounce potentially opening the way for further gains.