Gold prices steady above $5,000/oz with Iran war, central banks in focus
Investing.com-- Gold prices steadied above key levels in early Asian trade on Tuesday with focus remaining on oil prices, the U.S.-Israel war on Iran, and a host of upcoming central bank meetings this week.
The yellow metal had briefly fallen below $5,000 an ounce in the prior session, but recovered back above the level after a drop in oil prices helped ease some concerns over the Iran war’s inflationary impact.
Spot gold steadied at $5,008.66/oz by 19:45 ET (23:45 GMT), while gold futures rose 0.2% to $5,013.51/oz.
Bullion prices were aided by a 0.5% drop in the dollar on Monday, as the greenback cooled after logging two weeks of strong gains.
This came chiefly after oil prices fell sharply on Monday, amid some profit-taking and as reports showed a few vessels passing through the Strait of Hormuz.
Gold has largely underperformed with the advent of the Iran conflict, as increased safe haven demand for bullion was largely offset by concerns over the inflationary effects of the war.
Markets feared that an oil-fueled spike in global inflation will elicit a more hawkish stance from major central banks, leaving interest rates higher for longer.
A swathe of major central banks are set to meet this week, starting with the Reserve Bank of Australia on Tuesday. The Federal Reserve and Bank of Canada will meet on Wednesday.
The Bank of Japan, Swiss National Bank, the Bank of England and the European Central Bank will decide on interest rates on Thursday.
Other precious metals were muted on Tuesday. Spot platinum steadied at $2,116.0.oz, while spot silver rose 0.1% to $80.8225/oz.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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