Gold gains ahead of Fed decision

Gold prices temporarily rose as tensions in the Middle East continued and markets ongoing assessment of their potential impact on inflation, ahead of the Federal Reserve meeting next week. Gold benefited from a decline in Brent crude oil below $100 per barrel, with the metal increasing by 0.4% to approximately $4,064 per ounce, approaching weekly gains of over 1%. Meanwhile, the escalation between the United States and Iran intensified, with U.S. airstrikes targeting Iranian objectives continuing, and Iran rejecting a U.S.-backed ceasefire proposal. This has heightened fears of a deterioration in the situation in the Strait of Hormuz and oil facilities, with oil prices rising to levels not seen since May, threatening a new wave of inflation that could impact gold prices and expectations of future U.S. interest rate hikes.

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