Gold prices hold steady as dollar gains offset safe haven demand
Gold prices held steady as Middle East tensions balanced a strong dollar and margin calls. Investors await Friday's PCE data for Federal Reserve policy cues.
Prices for Gold remained largely unchanged on Thursday as market participants weighed safe-haven demand against pressure from a strengthening dollar and margin calls in the equity markets. The precious metal found support from the escalating conflict involving the United States, Israel, and Iran, though these gains were capped by broader financial liquidations.
Spot prices for bullion stood at $5,174.13 per ounce, while futures for April delivery were steady at $5,180.20. Global equity markets retreated as tensions in the Middle East intensified following reports of fuel tankers being set ablaze in Iraq waters. The geopolitical instability drove oil prices above $100 per barrel, with Iranian officials warning that prices could reach $200 per barrel if hostilities continue.
