Gold holds steady amid rate hike concerns

Gold prices remain confident in their current gains, supported by buying on dips, despite the rise in oil prices due to escalating tensions in the Middle East. This renews fears of inflationary pressures that could prompt the U.S. Federal Reserve to raise interest rates once again. Gold is trading near $4,130 an ounce after rising 3% over two days. Meanwhile, geopolitical developments indicate continued tension, with increased attacks on oil tankers in the Red Sea attributed to Yemen's Iran-backed Houthi group. Gold faces resistance at around $4,200 and is heading towards a possible decline toward $3,900, especially with expectations of interest rate hikes, driven by rising energy costs and weak American data reflecting uncertainty over future monetary policies. Despite relatively stability, the precious metal remains down 20% since the escalation of strikes on Iran in February, following a recent rally that pushed it to a record high of $5,600 in the previous month.

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