Gold edges higher as Middle East tensions spur demand
Spot gold was up 0.3% at $2,350.59 per ounce, as of 0056 GMT. Bullion hit an all-time high of 2,431.29 on Friday.
- U.S. gold futures fell 0.3% to $2,366.40 per ounce.
- The first direct attack on Israel by arch foe Iran has shaken Israelis and left them fearful that a bigger war is looming.
- Recent U.S. economic data on the labor market and inflation have caused market expectations for a rate cut from the Fed to be dialled back yet again.
- Chicago Federal Reserve President Austan Goolsbee said continued high consumer price index readings were concerning, but he remains focused on how the Fed's targeted personal consumption price expenditures index behaves.
- Federal Reserve Bank of Boston President Susan Collins is eyeing a couple of interest rate cuts this year amid expectations it could still take some time to get inflation back to targeted levels.
- Higher interest rates reduce the appeal of holding non-yielding gold.
- U.S. gold futures fell 0.3% to $2,366.40 per ounce.
- The first direct attack on Israel by arch foe Iran has shaken Israelis and left them fearful that a bigger war is looming.
- Recent U.S. economic data on the labor market and inflation have caused market expectations for a rate cut from the Fed to be dialled back yet again.
- Chicago Federal Reserve President Austan Goolsbee said continued high consumer price index readings were concerning, but he remains focused on how the Fed's targeted personal consumption price expenditures index behaves.
- Federal Reserve Bank of Boston President Susan Collins is eyeing a couple of interest rate cuts this year amid expectations it could still take some time to get inflation back to targeted levels.
- Higher interest rates reduce the appeal of holding non-yielding gold.
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