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Gold remains watchful of Fed signals amid Middle East tensions
Gold prices remained largely unchanged during Monday's trading session, as investors awaited the Federal Reserve's monetary policy trajectory and concerns over the Middle East tensions. The spot price of gold rose by 0.1% to approximately $4,020 per ounce, while futures increased by 0.8% to around $4,030. This follows a decline of more than 2% last week, triggered by rising oil prices that surpassed $90 a barrel after attacks on oil facilities and ships, the breakdown of a ceasefire in the region, and fears of disrupted energy supplies. Worries about a potential resurgence of inflation are exerting pressure on gold prices, especially given expectations that interest rates will remain unchanged by the Fed this year, which could support gold prices in the range of $3,800 to $4,000. In conclusion, gold recorded its worst quarterly performance since 2013, with a 14% increase in the second quarter.
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