Forex
Gold Prices Hold Ground Amid Middle East Turmoil and US Jobs Data
Gold prices held steady on Tuesday despite ongoing tensions in the Middle East and anticipation of US jobs data. Spot gold rose 0.2% to $4,059.81 per ounce by 0257 GMT.
Ajay Kedia, director at Mumbai-based Kedia Commodities, said that gold is currently in a consolidation phase. If the job market shows weakness, it could pressure the US dollar and lead to gains in gold.
The conflict between the US and Iran has driven up energy costs and stoked inflation fears, which may prompt central banks to raise interest rates. However, higher rates tend to weigh on gold prices since it yields no interest.