Gold steady as investors eye US-Iran ceasefire, brace for inflation data
Gold prices were largely steady on Thursday as investors remained cautious about the fragile U.S.-Iran ceasefire, with a key U.S. inflation report due later in the day also in focus for interest rate clues.
Spot gold inched 0.1% higher to $4,721.51 per ounce, as of 0523 GMT. U.S. gold futures for June delivery fell 0.7% to $4,744.90. Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here.
'It doesn't seem like gold is looking to do much at this moment. I think there's still a lot of speculation on what's going to happen after the ceasefire,' said GoldSilver Central Managing Director Brian Lan.
Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.
On Wednesday, Israel pounded Lebanon with its heaviest strikes yet, killing hundreds of people and drawing a threat of retaliation from Iran.
Oil prices rose on Thursday on concerns that supply from the key Middle East producing region may not fully resume amid doubts that the two-week ceasefire will hold.
Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fuelled inflation concerns and prompted markets to reassess interest rate expectations, reducing non-yielding bullion's appeal.
Among other metals, spot silver fell 0.1% to $74.07 per ounce, platinum lost 0.4% to $2,020.60 and palladium edged up 0.3% to $1,559.
Reuters
Gold prices were largely steady on Thursday as investors remained cautious about the fragile U.S.-Iran ceasefire, with a key U.S. inflation report due later in the day also in focus for interest rate clues.
Spot gold inched 0.1% higher to $4,721.51 per ounce, as of 0523 GMT. U.S. gold futures for June delivery fell 0.7% to $4,744.90. Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here.
'It doesn't seem like gold is looking to do much at this moment. I think there's still a lot of speculation on what's going to happen after the ceasefire,' said GoldSilver Central Managing Director Brian Lan.
Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.
On Wednesday, Israel pounded Lebanon with its heaviest strikes yet, killing hundreds of people and drawing a threat of retaliation from Iran.
Oil prices rose on Thursday on concerns that supply from the key Middle East producing region may not fully resume amid doubts that the two-week ceasefire will hold.
Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fuelled inflation concerns and prompted markets to reassess interest rate expectations, reducing non-yielding bullion's appeal.
Among other metals, spot silver fell 0.1% to $74.07 per ounce, platinum lost 0.4% to $2,020.60 and palladium edged up 0.3% to $1,559.
Reuters
Gold prices were largely steady on Thursday as investors remained cautious about the fragile U.S.-Iran ceasefire, with a key U.S. inflation report due later in the day also in focus for interest rate clues.
Spot gold inched 0.1% higher to $4,721.51 per ounce, as of 0523 GMT. U.S. gold futures for June delivery fell 0.7% to $4,744.90. Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here.
'It doesn't seem like gold is looking to do much at this moment. I think there's still a lot of speculation on what's going to happen after the ceasefire,' said GoldSilver Central Managing Director Brian Lan.
Lan said he expected gold to consolidate between $4,607 and $4,860 in the near term.
On Wednesday, Israel pounded Lebanon with its heaviest strikes yet, killing hundreds of people and drawing a threat of retaliation from Iran.
Oil prices rose on Thursday on concerns that supply from the key Middle East producing region may not fully resume amid doubts that the two-week ceasefire will hold.
Spot gold has declined more than 10% since the war began on February 28, as higher energy prices fuelled inflation concerns and prompted markets to reassess interest rate expectations, reducing non-yielding bullion's appeal.
Among other metals, spot silver fell 0.1% to $74.07 per ounce, platinum lost 0.4% to $2,020.60 and palladium edged up 0.3% to $1,559.
Reuters
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Gold steady as investors eye US-Iran ceasefire, brace for inflation data
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