Gold seeks balance amid conflict in the Middle East
Gold was flat after closing 1.1 percent higher in the previous session, when Iran fired nearly 200 ballistic missiles at Israel.
Gold is flat amid the widening Middle East conflict after Israel vowed to retaliate against Iranian missile attacks.
Spot gold is trading at $ 2,657 per ounce on the third trading day of the week. According to the calculation made with ounce gold and USD/TL, gram gold rose to 2,920 TL.
Israeli President Benjamin Netanyahu described Iran’s move as a “big mistake” and vowed that Iran would “pay for it”.
“When we think about how markets will react next, our main concern would be the risk of an escalation, especially if Iran’s oil assets could be targeted,” said Charu Chanana, a strategist at Saxo Capital Markets Pte, adding that gold remains an attractive hedge.
Gold has rallied nearly 30 percent this year, hitting a string of record highs in the process. The recent gains have been fueled by expectations that the Fed will cut interest rates, having kicked off its easing cycle with a 50 basis point move last month.
With conflicts in the Middle East escalating further, traders will be watching the latest US employment report due on Friday, which could be important in providing insight into the pace of the Fed’s rate cut.
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