Gold stabilized after Fed's statement on inflation control despite Middle East tensions
Kyiv • UNN
Gold settled at $4515 per ounce after Jerome Powell's comments. The market is reacting to tensions in the Middle East and rising oil prices.
Gold prices stabilized after two days of gains amid statements from the US Federal Reserve about controlling long-term inflation expectations. This was reported by Bloomberg, citing market data and comments from Fed Chairman Jerome Powell, writes UNN.
Details
As of this morning, the spot price of gold rose to approximately $4515 per ounce after a 0.4% increase in the previous trading session.
Fed Chairman Jerome Powell stated that monetary policy is "in a good place for us to wait and see," despite rising inflationary pressures due to higher oil prices.
Russia's gold reserves shrink to 2022 minimum - intelligence30.03.26, 13:30 • 4090 views
Against this backdrop, investors intensified gold purchases after a previous price decline observed since the escalation in the Middle East.
Oil prices are rising due to the worsening situation around Iran, particularly after US statements about a possible escalation of attacks and Tehran's decisions regarding the Strait of Hormuz.
The market also recorded an increase in other precious metals: silver rose to over $70 per ounce, palladium showed a slight increase, while platinum prices remained unchanged.