RBNZ Holds Rates Steady Amid Escalating US-Iran Tensions

New Zealand's Reserve Bank (RBNZ) interest rate decision came in line with market expectations, holding the rate at 2.75%. The move had little impact on financial markets elsewhere as attention turned to the escalating US-Iran tensions.

The rising tensions lifted oil prices to a nearly six-week high, fueling inflation fears and reaffirming bets for a Federal Reserve interest rate hike in the United States.

Gold languished near a two-and-a-half-week low on Wednesday during the Asian session, awaiting a break below $4,300 before potentially entering its next leg down. The US Dollar benefited as a safe-haven asset, while demand for non-yielding bullion like gold waned.