Gold prices stabilized after two days of decline, as investors assessed the strengthening US dollar and further increases in oil prices amid the war in the Middle East. At the start of trading, the value of gold held at around $5090 per ounce. This is reported by Bloomberg, writes UNN.
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Over the previous two sessions, the precious metal fell by more than 2%. Markets are reacting to the escalation of the conflict in the region and shipping disruptions through the Strait of Hormuz, which has led to a sharp rise in oil prices.
Additional pressure on gold comes from the strengthening dollar and expectations regarding the US Federal Reserve's policy. The dollar index has risen by approximately 0.5% this week, and after strong labor market data, investors hardly expect a Fed interest rate cut at the next meeting.
Despite recent volatility, gold remains significantly more expensive than at the beginning of the year. Since the beginning of 2026, its price has increased by almost 18% and has mostly stayed above the $5000 per ounce mark.
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