The spot price of gold rose by 0.1% to $4,723.70 per ounce as of morning after a two-day decline. This was reported by Bloomberg, writes UNN.
Details
Silver rose by 0.3% to $76.96 per ounce. Platinum and palladium prices were almost unchanged. The Bloomberg dollar index fell by 0.1%.
Gold prices stabilized after falling more than 2% in the previous session. This happened against the backdrop of US President Donald Trump's decision to extend the ceasefire with Iran, despite the disruption of a new round of negotiations.
Pressure factors
Gold has lost more than 10% since the beginning of the conflict, but has been fluctuating in a relatively narrow range in recent weeks.
The market has largely priced in the current level of geopolitical risk and now needs either an escalation or significant changes in macroeconomic conditions
Additional pressure is exerted by expectations of tighter monetary policy in the US. Fed chairman nominee Kevin Warsh said that a restrained approach to rate cuts is needed to combat inflation.
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