Iran Israel war impact on Gold price today: Gold rate losing against USD dollar
Iran-Israel war on Monday cast a shadow on gold prices as the US dollar was performing strongly. The middle-east conflict pushed Gold rate higher but the gains were limited. Spot gold was up 0.1 per cent at $3,369.80 an ounce. The US gold futures were steady at $3,385.90. The US dollar firmed 0.6 per cent against its peers, limiting gains for gold as it makes the metal more expensive for holders of other currencies. Gold tends to perform well in low-interest-rate environments and during periods of uncertainty.
Gold briefly surged to USD 3,413.80 per ounce on Monday but has since pulled back, as investors await Iran's response following US participation in the air strikes on Tehran. This came as stock markets closely watched for any Iranian response to US strikes on its nuclear sites.
"Continued and multiple geopolitical uncertainties will likely continue to underpin gold prices. The prospect of a Fed rate cut delay amid higher energy prices potentially strengthening the dollar calls for patience with a fresh record high not on the immediate horizon," said Ole Hansen, head of commodity strategy at Saxo Bank.
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China aims to increase its gold resources by 5 to 10 per cent and its gold and silver output by more than 5 per cent by 2027, according to an implementation plan for its gold industry released by the industry ministry on Monday, Reuters reported.
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Q1. What are gold prices on Monday?
A1. Spot gold was up 0.1 per cent at $3,369.80 an ounce. The US gold futures were steady at $3,385.90.
Q2. How is Silver performing?
A2. Spot silver rose 0.3 per cent to $36.12, platinum rose 2.1 per cent at $1,292.03, while palladium gained 2.7 per cent to $1,072.42.
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