Gold Prices Stable as Trump Downplays Mideast Military Escalation

Gold prices held steady as US President Donald Trump downplayed the possibility of extended military engagement in the Middle East, easing inflation fears. Gold futures rose 0.48% to $4,435.60 an ounce on COMEX, while silver futures increased by 0.79% to $65.98 an ounce.

The recent surge in energy prices had raised concerns about a protracted war that could drive inflation higher. However, Trump's comments indicated that the current military action would likely be brief, which moderated these concerns.

This development came after a 1% rebound the previous day, which ended a three-day decline in gold prices. The increase in oil prices had also moderated following Trump's statement.