Gold prices continued to rise on Thursday after a previous increase of over 2%. This rise is attributed to ongoing tensions between the United States and Iran, which have driven investors towards safe-haven assets like gold. Spot gold increased by 0.2% to $4,989.09 per ounce, while U. S. gold futures remained steady at $5,008.60. Market analyst Jamie Dutta noted that concerns about potential military action against Iran are high.
While some progress was reported in talks with Iran, significant issues remain unresolved. Top U. S. security advisers discussed the situation and indicated that military forces in the region should be in place by mid-March.
The Federal Reserve’s January meeting minutes revealed a general consensus on keeping interest rates steady, with some members open to rate hikes depending on inflation trends. Upcoming jobless claims data and the Personal Consumption Expenditures report will provide more insights into the Fed’s future actions.
Spot silver rose by 0.9% to $77.87 per ounce, supported by supply constraints, while platinum and palladium prices fell.
With information from Reuters
