Gold Holds Near $4,500 Per Ounce on Tuesday Amid Middle East Tensions

Gold prices stabilized near $4,500 per ounce on Tuesday, following a nearly 2% decline the previous trading day, as escalating Middle East tensions fueled energy price gains and inflation concerns. According to reports, U.S. military forces repelled an Iranian attack while escorting two U.S.-flagged vessels through the Strait of Hormuz, while the UAE reported intercepting Iranian cruise missiles and attributed a fire at Fujairah port to Iranian drone strikes. The latest escalation has raised doubts about the viability of a four-week ceasefire agreement, with markets bracing for potential central bank rate increases to combat inflation, pushing oil prices and global bond yields higher. Gold has declined nearly 15% since late February.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments