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Shafaq News<\/p>\n
Gold prices gained on Thursday, supported by lower crude \u200coil prices and a weaker dollar, as investors assessed renewed expectations for a resolution to the U.S.-Israeli war with Iran.<\/p>\n
Spot gold was up 0.8% at $4,468.84 per ounce, as of 0559 GMT. U.S. gold futures \u200bfor August delivery gained 0.7% to $4,495.70.<\/p>\n
The dollar eased, making greenback-priced bullion more affordable for \u200bholders of other currencies.<\/p>\n
“Gold’s gains are still very much at the \u2060mercy of oil and the dollar. It only moves higher when they pull back, \u200bmaking it highly dependent on positive U.S.-Iran headlines for any sustained momentum,” said Tim Waterer, \u200bchief market analyst at KCM Trade.<\/p>\n
Israel and Lebanon agreed to implement a ceasefire to end hostilities, the Trump administration said on Wednesday, boosting hopes for a broader deal to end the Iran conflict.<\/p>\n
The Republican-led \u200bU.S. House of Representatives approved a resolution to block U.S. President Donald Trump from continuing \u200bthe war against Iran, reflecting growing concern among members of his party about the three-month-old conflict.<\/p>\n
Oil prices \u200ceased \u2060on Thursday, as the ceasefire between Lebanon and Israel boosted hopes of a U.S.-Iran peace deal.<\/p>\n
Elevated oil prices can accelerate inflation and keep interest rates higher for longer. While gold is seen as a hedge against inflation, higher rates tend to weigh on the \u200bnon-yielding metal.<\/p>\n
New York Federal \u200bReserve President John \u2060Williams noted that he does not expect upside risks to inflation caused by the war in the Middle East to be long-lasting and \u200breiterated there was no need at this time to change \u200bU.S. monetary \u2060policy.<\/p>\n
“I don’t think we’ve seen the end of the bull run, but it is clearly time for a shakeout in general. So I anticipate choppy trade as we head into the \u2060year-end, \u200bwith a slight upwards bias of around $5,000,” said Matt \u200bSimpson, a senior analyst at StoneX.<\/p>\n
Spot silver rose 0.6% to $73.13 per ounce, platinum gained 0.9% to $1,875.70, and palladium \u200badded 0.3% to $1,306.<\/p>\n
(REUTERS)<\/p>\n
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