Delay in Iran attack boosts gold
Oil prices dropped by more than $5 per barrel after U.S. President Donald Trump's decision to delay a military strike against Iran. This led to a 0.7% increase in spot gold prices to $4,067.06 per ounce, while U.S. gold futures rose to $4,065.60. The move came amid expectations of an extension in negotiations between Iran and other countries regarding an agreement. Meanwhile, concerns over inflation and interest rate hikes supported gold as a safe haven, despite the fact that rising interest rates tend to reduce its appeal. Federal Reserve officials also expressed worries about inflation remaining above 2%, while U.S. labor market data this week was highly anticipated.
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