Gold Rises Amid Escalating Middle East Tensions and Steady U.S. Interest Rates
Gold prices edged higher on Thursday as escalating tensions in the Middle East boosted demand for safe-haven assets. The ongoing conflict between Israel and Iran has heightened geopolitical risks, prompting investors to seek refuge in gold.
As of 02:15 GMT, spot gold rose by 0.2% to $3,376.48 per ounce, while U.S. gold futures slipped 0.4% to $3,393.70.
Recent regional developments have added to market uncertainty, including the repositioning of U.S. military aircraft and naval forces away from bases considered vulnerable to potential Iranian attacks.
Meanwhile, the U.S. Federal Reserve kept interest rates unchanged in its latest meeting. Policymakers signaled a potential total rate reduction of 50 basis points this year, though recent indications point to a more cautious pace of monetary easing moving forward.
Gold continued to attract interest as a traditional store of value during periods of geopolitical and financial instability.
In other precious metals, silver slipped 0.2% to $36.66 per ounce. Platinum gained 1.5% to $1,342.36, and palladium rose 0.6% to $1,055.18 per ounce.
