Commodities
Weaker Dollar Lifts Gold Amid Middle East Tensions
Gold prices rose 0.5% to $4,378.60 an ounce on Wednesday as a weakening dollar offset inflation concerns stemming from renewed attacks on ships in the Middle East.
The US forces' destruction of five Iranian tankers carrying crude near Kharg Island, the Islamic Republic's main oil export hub, heightened fears of an escalation in the months-long war.
A softer reading for key inflation prints due this week could support the case for holding rates steady and relieve gold traders, said market strategist Ahmad Assiri at Pepperstone Group.