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Gold steadies amid Iran ceasefire worries
Gold prices remained steady amid a state of uncertainty caused by the stalled peace negotiations between the United States and Iran, coupled with rising inflation fears. This scenario has strengthened expectations of an interest rate hike by the Federal Reserve. The spot price of gold decreased by 0.2% to reach $4,529.62 per ounce, while futures declined by 0.7% to $4,559.22, with no signs of progress in the ceasefire talks. Security developments and escalating regional tensions are also driving up oil prices, complicating efforts to control inflation and increasing pressure on interest rates. Market participants are closely watching statements from American officials and upcoming labor market data.
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