Gold gained more than 1% on Tuesday as investors weighed reports of fresh mediation efforts in the Middle East, which could weigh on energy prices and tame jitters about higher-for-longer interest rates to contain inflation.<\/p>\n
Spot gold gained 1.5% to $4,064.89 per ounce by 0911 GMT, while US gold futures for August delivery rose 1.4% to $4,069.70.<\/p>\n
“Gold has been in search of a price floor after its epic rally in January this year when it hit an all-time high and there is some sense the worst in terms of a sell-off may now be behind us,” independent analyst Ross Norman said, Reuters reported. <\/p>\n
“That said, gold does struggle to discover any upside momentum just now and caution remains the watchword,” Norman added.<\/p>\n
A senior Iranian official told Reuters on Monday that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts to salvage the interim deal.<\/p>\n
Also, lower oil prices can reduce inflationary pressures and the likelihood of central banks keeping interest rates elevated. While gold is seen as a long-term hedge against inflation, high interest rates raise the opportunity cost of holding the non-yielding metal.<\/p>\n
Traders are now pricing in about a 63% chance of a rate hike in September, according to the CME FedWatch Tool.<\/p>\n
Among other metals, spot silver rose 4.8% to $59.11 per ounce, platinum inched up 1.9% at $1,624.88, and palladium gained 2.3% to $1,281.75.<\/p>\n","protected":false},"excerpt":{"rendered":"Gold gained more than 1% on Tuesday as investors weighed reports of fresh mediation efforts in the Middle…\n","protected":false},"author":2,"featured_media":552367,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,43,40,38,41,39],"class_list":["post-552366","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/552366","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=552366"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/552366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/552367"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=552366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=552366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=552366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}