Gold Prices Seek to Snap 3-Day Losing Streak Near $4,370
Gold prices have found support near $4,370 an ounce as traders attempt to snap a three-session losing streak. The precious metal is drawing support from geopolitical risk and a weaker US dollar, but elevated Treasury yields and renewed expectations for a Federal Reserve hike are keeping buyers cautious.
Escalating Middle East tensions, a softer US dollar, and cautious global sentiment have helped attract buyers. However, the recovery remains modest following last week's stronger-than-expected US jobs report. The result is less a rush into safety and more a carefully measured hedge.
Investors seek protection from geopolitical escalation but are reluctant to chase an asset that pays no interest while government bonds offer increasingly competitive returns.