Gold gains as oil drops after Trump halts Iran strike
Gold prices rose today, Monday, after U.S. President Donald Trump halted plans to attack Iran, easing concerns about military escalation and inflation. Spot gold increased by 0.7% to $4,067.06 per ounce, while U.S. futures rose by 0.9% to $4,065.60 per ounce, amid a decline in oil prices by more than $5 per barrel. This comes amid market fears that rising inflation could prompt central banks to raise interest rates, although higher interest rates tend to make gold less attractive as an inflation hedge. Markets are also closely monitoring important economic reports on the U.S. labor market scheduled for the upcoming week.
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