Business Recorder
Gold held steady on Tuesday as the dollar weakened and crude oil prices fell after U.S. President Donald Trump paused a planned attack against Iran, easing concerns about inflation and prolonged high interest rates. Fundamentals Spot gold was steady at $4,565.40 per ounce, as of 0103 GMT, after hitting its lowest level since March 30 in the previous session. US gold futures for June delivery gained 0.2% to $4,567.90. The dollar fell, making greenback-priced bullion more affordable for holders of other currencies. US President Donald Trump said on Monday he had paused a planned attack against Iran to allow for negotiations to take place on a deal to end the US-Israeli war, after Iran sent a new peace proposal to Washington. Oil prices fell more than 2% in early Asian trade on hopes of negotiations to end the war in the Middle East. Elevated crude oil prices can stoke inflation, and while gold is considered a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal. Kevin Warsh will be sworn in as U.S. Federal Reserve chief on Friday by President Trump, a White House official said on Monday, putting the financier at the helm of the central bank as it grapples with intensifying inflation that may make it hard to push through the interest-rate cuts Trump desires. Ghana has asked large-scale gold miners to sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters . Spot silver fell 0.3% to $77.58 per ounce, platinum lost 0.2% to $1,976.15, and palladium dropped 0.6% to $1,409.75.
Go to News Site