Gold rises on US-Iran ceasefire hopes but monthly drop looms
Spot gold rose 1.5 percent to $4,556.84 per ounce on Friday following reports of a potential ceasefire extension between the U.S. and Iran. Despite the daily gain, prices remain on track for a monthly decline as persistent inflation and high interest rates weigh on the non-yielding asset.
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Gold rose 1.5% to $4,556.84 per ounce on Friday afternoon following reports of a potential ceasefire extension between the United States and Iran. Despite the daily gain, gold remains down 1% for the month as persistent inflation and expectations of higher interest rates pressure prices. The Federal Reserve is expected to keep rates unchanged well into next year, increasing the opportunity cost of holding non-yielding gold.
