Gold Prices Edge Up from Seven-Week Low Amid Middle East Tensions

Gold prices edged up from their seven-week low on September 29, as investors took into account developments in the Middle East and awaited US economic data for more clarity on the Federal Reserve's policy path.

The spot gold price rose by 0.7% to $4,143.87 per ounce at 0708 GMT, following a decline to its lowest level since August 5 on September 28. US gold futures also gained 0.2% to $4,175.10.

Christopher Tahir, senior market strategist at online trading platform Exness, noted that geopolitical developments will remain crucial for gold, as continued tensions could keep energy prices and yields elevated, while meaningful progress towards de-escalation could ease pressure.