Business
Gold Holds Gain as Dip-Buying Counters Inflation Fears From War
- 1 min read - Source: Bloomberg
TOP SUMMARY
Gold Holds Gain as Dip-Buying Counters Inflation Fears From War Gold held gains on dip-buying even as hostilities in the Middle East pushed oil prices to...
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Key points
- Gold Holds Gain as Dip-Buying Counters Inflation Fears From War Gold held gains on dip-buying even as hostilities in the Middle East pushed oil prices to multiweek highs, rekindling concerns that US inflationary pressure could prompt the Federal Reserve to raise interest rates.
- Bullion was trading around $4,120 an ounce, after rising 3% over the previous two days as dip-buying supported prices.
- This came as the US and Iran signaled that they aren’t ready to return to the negotiating table after escalating attacks.
What happened
Gold Holds Gain as Dip-Buying Counters Inflation Fears From War Gold held gains on dip-buying even as hostilities in the Middle East pushed oil prices to multiweek highs, rekindling concerns that US inflationary pressure could prompt the Federal Reserve to raise interest rates. Bullion was trading around $4,120 an ounce, after rising 3% over the previous two days as dip-buying supported prices. This came as the US and Iran signaled that they aren’t ready to return to the negotiating table after escalating attacks.