Gold steady amid Middle East tensions and rate hike bets
Gold prices settled around $4,019 per ounce amid assessments of concerns related to the escalation in the Middle East and rising oil prices, which could lead to increased inflation. A Federal Reserve official indicated the possibility of raising interest rates to combat persistent inflation, potentially putting additional pressure on gold prices, which are seen as a hedge against inflation. Meanwhile, silver increased by 1.7% to reach $56.87 per ounce. The rise in oil prices and expectations of interest rate hikes continue to influence the markets, alongside the effects of the war in the region on the financial markets.
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