Gold stability amid geopolitical concerns and anticipated central bank decisions
Gold witnessed relative stability in trading on Tuesday, March 17, after concerns about the disruption of oil supplies for a long period subsided. Investors are keenly awaiting developments in regional conflicts, before important decisions are issued by central banks this week.
Gold prices in spot transactions recorded $5,004.39 per ounce. On the other hand, US futures contracts for April delivery rose slightly by 0.1%, reaching $5,008.20. This rise reflects the continued state of caution prevailing in the markets and the increased demand for safe assets.
Reuters reported, citing Ilya Spivak, that the decline in gold prices at the beginning of this week’s trading was due to the positive reaction of the markets to the statements of the Iranian Foreign Minister, in conjunction with the decline in oil prices and the decline of part of the dollar’s gains, in addition to the rise in stock prices.
Despite this, oil maintained its price above $100 per barrel, in light of the continuation of the US-Israeli war on Iran and its significant impact on shipping traffic in the Strait of Hormuz. In this context, US President Donald Trump renewed his call to countries to contribute to opening the waterway, expressing his dissatisfaction with their lack of response. (cnbc)
