Gold Price Holds Steady Amid Volatility
The price of gold held steady at around $4,314 as the new trading week began, despite some volatility in recent sessions. The metal had slipped 0.8% to $4,313.78 an ounce on Monday, giving back a small portion of its gains from Friday, when bargain hunters stepped in to halt a decline triggered by strong US inflation data.
On Thursday, prices fell more than 1% to $4,355.85 an ounce due to solid US inflation readings and rising oil prices, which revived concerns that the Federal Reserve could keep tightening monetary policy for longer than investors had anticipated.
However, Friday saw a turnaround as physical demand from Asia absorbed financial-sector selling, sending spot gold up 0.7% to $4,348.89 an ounce. Chinese investors continued to accumulate gold at a rapid pace, providing support to the market.