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Economy
Gold prices remained stable as traders assess the fragile ceasefire between Israel and Iran alongside inflation and interest rate concerns.
Gold prices held steady on Tuesday as market participants evaluated the fragile ceasefire between Israel and Iran while awaiting signs of progress in the broader Middle East conflict. Attention also focused on inflation worries and potential interest rate hikes.
Spot gold was unchanged at $4332.50 per ounce as of 0222 GMT. In the previous session, gold had fallen to its lowest level in over two months.
August gold futures in the United States declined by 0.1 percent to $4357.10.
Tim Waters, chief market analyst at K.C.M. Trade, stated, "Gold trading remains calm as traders doubt the durability of the ceasefire between Iran and Israel and remain cautious ahead of important U.S. inflation data this week, which will help shape Federal Reserve policy expectations."
On Monday, Iran and Israel announced a halt to their exchange of attacks following an appeal from U.S. President Donald Trump. However, Tehran warned it would resume hostilities if Israel continued targeting Hezbollah in Lebanon.
Investors are preparing for the release of the U.S. Consumer Price Index data for May, scheduled for Wednesday, to assess the Federal Reserve's monetary policy direction.
Silver in spot trading dropped 0.7 percent to $67.71 per ounce, platinum fell 0.2 percent to $1751.39, while palladium rose 0.8 percent to $1213.89.
