Commodities
Home›Commodities›Precious Metals›Gold rises above $4,100 as dip-buyers absorb US-Iran t…
Gold rises above $4,100 as dip-buyers absorb US-Iran tensions
Gold gained as much as 1% to trade above $4,100 per ounce, while silver neared $60 as Treasury yields stayed elevated and ETF holdings increased by about 7.4 tons.
Gold extended its gains as dip-buyers supported bullion despite renewed US and Iran tensions in the Middle East, with spot prices lifting above $4,100 per ounce.
Bullion rose as much as 1% and was up nearly 2% from the prior session, while silver advanced toward $60 an ounce. The rally came as Treasury yields remained elevated and the renewed hostilities showed no sign of resolution.
Fresh inflows into exchange-traded funds helped sustain momentum, with total holdings rising by about 7.4 tons on Tuesday, the highest daily inflow in more than a month, according to a Bloomberg tally cited by LiveMint Markets.
Traders weighed higher energy prices against soft US economic data and expectations for the Fed path, noting that higher borrowing costs can be a headwind for non-yielding gold. LiveMint Markets also reported analysts at Morgan Stanley forecasting gold of $4,450 per ounce and silver of $65.40 per ounce by the fourth quarter.
Latest closeGold $3,981.40 ▼1.6%|Silver $55.72 ▼2.4%