Gold Prices Rise as Weaker Dollar Offsets Easing Geopolitical Tensions
Gold prices rose modestly on Monday, supported by a weaker U.S. dollar which made the precious metal more affordable for investors using other currencies. Spot gold climbed to $4,096.36 an ounce while August Gold Futures advanced slightly. The gains came despite easing tensions in the Middle East after both the United States and Iran paused military operations over the weekend. Investors are now focused on this week's Federal Reserve policy meeting, where interest rates are expected to remain unchanged but comments from Chair Kevin Warsh will be closely watched for clues about future monetary policy. Meanwhile, oil prices dropped more than 5%, reversing part of last week’s rally driven by concerns over energy supply disruptions. Other metals also saw gains: silver rose nearly 2.1% and platinum climbed almost 2.3%. Copper futures on the London Metal Exchange edged higher as well.
Topics: Federal Reserve geopolitical tensions gold U.S. dollar