By Noel John<\/p>\n
March 4 (Reuters) – Gold prices rose over 1% on Wednesday, rebounding from a more than one-week low hit in the \u200cprevious session, as a widening Middle East conflict sent global \u200cmarkets tumbling and supported safe-haven demand.<\/p>\n
Spot gold gained 1.4% to $5,157.30 per ounce as of 0453 GMT. \u200bU.S. gold futures for April delivery added 0.8% to $5,165.80.<\/p>\n
On Tuesday, bullion fell more than 4% to its lowest since February 20, weighed by a firmer dollar and dimming rate-cut prospects as inflation concerns were intensified by fears of a \u200cprolonged war.<\/p>\n
Gold could shrug \u2060off the previous session’s selloff over the coming days as the metal has swayed to its own narrative and has \u2060been resilient despite whatever the dollar and yields have been doing since the beginning of last year, said Ilya Spivak, head of global macro at Tastylive.<\/p>\n
Oil and \u200bgas \u200bprices surged as the U.S.-Israeli war on \u200bIran halted energy exports from \u200cthe Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.<\/p>\n
“Higher oil prices as a result of escalating geopolitical tensions in Iran added to inflationary concerns and complicated the outlook for monetary easing,” said Christopher Wong, a strategist \u200cat OCBC.<\/p>\n
“The underlying fundamentals (for gold) have not \u200bmaterially shifted. Structural drivers such as geopolitical uncertainty, \u200bpolicy unpredictability and portfolio diversification \u200bneeds remain intact,” Wong added.<\/p>\n
Investors expect the U.S. Federal Reserve \u200cto hold rates at the end \u200bof its next \u200btwo-day meeting on March 18, according to the CME Group’s FedWatch tool.<\/p>\n
Spot silver advanced 3.1% to $84.61 per ounce on Wednesday, after falling more \u200bthan 8% in the \u200clast session. Spot platinum added 2.1% to $2,126.50 per ounce, while palladium \u200bgained 1.6% to $1,673.38.<\/p>\n
(Reporting by Noel John in Bengaluru; Editing by Sumana \u200bNandy, Ronojoy Mazumdar and Mrigank Dhaniwala)<\/p>\n","protected":false},"excerpt":{"rendered":"By Noel John March 4 (Reuters) – Gold prices rose over 1% on Wednesday, rebounding from a more…\n","protected":false},"author":2,"featured_media":322487,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,160065,4546,5275,85,40043,46,16540],"class_list":{"0":"post-322486","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-christopher-wong","10":"tag-global-markets","11":"tag-gold-prices","12":"tag-il","13":"tag-inflation-concerns","14":"tag-israel","15":"tag-spot-gold"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/322486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=322486"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/322486\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/322487"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=322486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=322486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=322486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}