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Gold edges toward first monthly rise since February
Gold rose, heading toward its first monthly gain since February, supported by Japan's intervention to support the yen, which led to a weakening of the US dollar. The metal approached the $4,080 per ounce level, with expectations of nearly a 2% increase in July, despite a slight decline on Friday due to profit-taking. The market was also aided by the Federal Reserve's decision to keep interest rates unchanged, despite a split in the voting, reflecting ongoing expectations of higher borrowing costs in the future to combat inflation fueled by pressures from the Middle East conflict. The dollar declined by about 1% against a basket of currencies, making gold cheaper for buyers outside the US. Additionally, rising tensions between Washington and Iran boosted demand for the precious metal.
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