Commodities
Gold Prices Pause Near Two-Month Highs Amid US-Iran Standoff
Gold prices paused near two-month highs on Tuesday after hitting $4,435 earlier in Asian trading hours. The modest pullback comes as uncertainty over the Strait of Hormuz's reopening keeps Oil prices elevated.
The Iran-US standoff has driven up West Texas Intermediate (WTI) to around $81.30, a 6% increase this week. Rising Oil prices are bringing inflation concerns back into focus and tilting market expectations toward a possible rate hike from the Federal Reserve.
The US Dollar remains supported near its recent lows due to geopolitical tensions and hawkish Fed expectations, making it difficult for Gold to stage a stronger recovery. Traders may wait for Wednesday's US Consumer Price Index (CPI) data for fresh direction.