⛏Gold Futures
GOLD
▲ PositiveGeopoliticsrelevance
Renewed Middle East tensions, including US blockade on Iranian shipping and proposed fee on Hormuz Strait cargoes, stoke inflation fears and boost gold as a safe haven.
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Gold prices rebounded from a two-week low on Tuesday as bargain buying emerged after Monday's sharp decline, with spot gold gaining 0.5% to $4,021.87 an ounce and gold futures advancing 0.55% to $4,027.22. The recovery followed a nearly 3% drop in the previous session, which briefly pushed prices below $4,000 for the first time in three weeks. Renewed Middle East tensions, including a US blockade on Iranian shipping and a proposed 20% fee on Hormuz Strait cargoes, stoked inflation fears, while hawkish comments from Federal Reserve Governor Christopher Waller raised the probability of a July rate hike to 43%. Investors now await US consumer price data and testimony from Fed Chair Kevin Warsh for further policy clues.
Renewed Middle East tensions, including US blockade on Iranian shipping and proposed fee on Hormuz Strait cargoes, stoke inflation fears and boost gold as a safe haven.