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Gold Steady at $4,379 as Middle East Risks Persist

By Markets Desk · · 1 min read
A rough nugget of gold resting on a dark surface
Illustration: Tradingbird

Spot gold held near $4,380 on Monday amid geopolitical tension and central bank rate hikes.

Key points

  • Spot gold traded flat at $4,379.74 per ounce on Monday.
  • The Bank of Japan joined the Fed and ECB in raising interest rates.
  • Analysts project a near-term gold trading range of $4,200 to $4,580.

Spot gold remained steady at $4,379.74 per ounce on Monday. Investors weighed Middle East conflicts against rising interest rates.

US December futures fell 0.1% to $4,419.40. The metal had hit a one-week peak just days earlier.

Geopolitical risks drive market uncertainty

New threats from Iran and the US heightened tensions. Analysts link these events directly to oil and bond yields.

Oil prices slid despite Houthi attacks on Saudi shipments. Lower oil costs could ease inflation pressures globally.

Central banks signal continued tightening

The Bank of Japan raised rates on Friday. This followed moves by the Federal Reserve and the ECB.

Higher rates make interest-bearing assets more attractive. This dynamic typically reduces demand for non-yielding gold.

Precious metals show mixed performance

Silver rose 0.8% to $66.76 per ounce. Platinum gained 0.2% while palladium added 0.7%.

According to theedgemalaysia.com, gold may trade in a $4,200 to $4,580 range. Analysts expect volatility to remain high in the near term.

Based on reporting by theedgemalaysia.com, compiled by the Tradingbird desk.

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