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Gold Prices Firm Up Amid Softer Dollar and US-Iran Tensions

Guavy AI Editorial Team
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The price of gold rose on Wednesday due to a softer dollar, according to Reuters. Spot gold increased by 0.4% to $4,372.19 per ounce, while U.S. gold futures declined by 0.5% to $4,416.00.

The subdued U.S. dollar made dollar-priced metals more affordable for holders of other currencies. Kelvin Wong, a senior market analyst at OANDA, noted that there is a 'tug of war' between bulls and bears in the gold market until the end of this week when the CPI report is released.

Markets are awaiting US producer price index data due on Thursday, with consumer price index data set to follow on Friday. The conflict between the U.S. and Iran escalated after Iran's Revolutionary Guard said it fired ballistic missiles at a base in Jordan used by the U.S. military.

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