Gold Gains on Ceasefire Hopes but Set for Monthly Loss
Spot gold rose 0.9% to $4,532.03 per ounce as reports of a potential U.S. and Iran ceasefire agreement lowered oil prices. Despite the daily gain, bullion remains on track for a 2% monthly drop as persistent energy-driven inflation fuels expectations for higher interest rates.
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Gold rose 0.9% to $4,532.03 per ounce on Friday midday but remains on track for a 2% monthly decline. Prices hit a two-month low of $4,365.76 on Thursday before recovering on hopes of a ceasefire between the United States and Iran. Persistent energy-driven inflation keeps the Federal Reserve hawkish, pressuring non-yielding assets despite their traditional role as a hedge.
U.S. gold futures for August delivery rose 0.7% to $4,562.60, adding to spot gold's gains.
