Gold climbs to $4,033 as Middle East war keeps inflation in focus
Why it matters: Traders are weighing higher energy costs against soft US data and the risk of further Federal Reserve tightening.
Gold rose on dip-buying Tuesday, with spot bullion up 0.7% to $4,033.88 an ounce in Singapore as investors tracked the Middle East conflict for its impact on oil prices and inflation. Bullion has been trading in a narrow band around the $4,000 level after slipping 0.2% in the previous session. Oil eased after two days of gains, even as US forces struck Iranian targets again and Donald Trump threatened retaliation over the killing of three US soldiers. Yemen’s Iran-backed Houthi rebels also threatened a maritime blockade on Saudi Arabia, raising fresh concern over Red Sea shipping. Silver rose 1.9% to $57.47 an ounce, while platinum and palladium also advanced.
Sources
- The Business Times (Singapore)Tier 180% reliableRead →Jul 21