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Gold holds above $4,400 as Iran tensions worsen
December gold futures opened at $4,446.9 per troy ounce, up 0.6% from Monday, as investors look ahead to two inflation reports.
Gold prices inched higher and stayed above $4,400 on Tuesday amid worsening Iran-related concerns, according to Yahoo Finance. December gold futures opened at $4,446.90 per troy ounce, up 0.6% from Monday’s closing price.
By 7:40 a.m. ET, gold was holding around $4,445.30 per troy ounce, with prices above $4,400 for a second straight day. Yahoo Finance said gold has been trading near levels last seen in early June.
The outlet noted that investors are watching two upcoming inflation reports scheduled for Wednesday and Thursday, which could influence Federal Reserve expectations. Sticky inflation could keep rates at current levels, or lead to a rate increase at the Fed’s two-day meeting next month, a scenario that would typically weigh on precious metals.
Darrell Fletcher, managing director of commodities at Bannockburn Capital Markets, told Yahoo Finance that buying gold near record high prices is a difficult short-term strategy, despite gold’s broader diversification appeal.
Latest closeGold $4,448.60 ▲2.5%