Gold Prices Rise Amid Dollar Decline and Iran Tensions

Gold prices rose on Wednesday due to a slight decline in the dollar and renewed US aggression against Iran. The dollar's decrease made metals priced in US currency less expensive for holders of other currencies.

The spot gold price increased by 0.4 percent to $2,372.19 per ounce at 02:30 GMT, while US gold futures for December delivery fell 0.5 percent to $2,416.

Kelvin Wong, a senior market analyst at OANDA, stated that 'the gold market is witnessing a fierce short-term battle between bulls and bears.' He added that the trend of hedging against a declining dollar and concerns regarding the fiscal deficit continue to support prices.