Gold Edges Up on Potential Technical Rebound

Deep News04-30 08:01

Gold prices experienced a slight increase during the early trading session, potentially driven by a technical rebound after the front-month gold futures contract settled 1% lower overnight. However, the gains in the precious metal may be limited due to persistent market concerns about rising inflation fueled by increasing oil prices stemming from the US-Iran conflict. Federal Reserve Chair Jerome Powell also cautioned that inflation could rise in the coming months. Tony Sage of Critical Metals noted in an email that rising oil prices and a firmer interest rate outlook are exerting pressure on the precious metal. The CEO added, "This dynamic supports US Treasury yields and the US dollar, putting pressure on non-yielding assets like gold." Spot gold rose 0.2% to $4,551.92 per ounce.

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