Gold set for third weekly fall on hawkish U.S. Fed, elevated dollar
CNBC
Gold prices rose on Friday, but headed for a third consecutive weekly decline, pressured by a firm U.S. dollar and a hawkish U.S. Federal Reserve.
Gold prices rose on Friday on technical buying, but were headed for a third consecutive weekly decline, pressured by a firm U.S. dollar and as a hawkish U.S. Federal Reserve dampened hopes for near-term interest rate cuts.
Spot gold rose 0.4% to $4,6,67.93 per ounce, rebounding from a near two-month low hit in the previous session. U.S. gold futures for April delivery rose 1.3% to $4,664.
"Gold held some important technical supports in the weekly time frame and gold may see a recovery to the level where it broke down, around $4,800," said Nicholas Frappell, global head of institutional markets at ABC Refinery.
Iran's new Supreme Leader Mojtaba Khamenei said in a late Thursday speech that the Strait of Hormuz, a vital artery for global oil trade, should remain shut.
European stocks are expected to open lower on Thursday as investors monitor the Iran war and global oil prices.
European stocks are expected to open flat on Wednesday, as traders monitor intensifying operations in the Middle East.
European stocks are set to rebound as traders continue to watch developments in the Middle East.
European stocks are expected to start the new trading week heavily lower as traders track developments in the Middle East and a surge in oil prices.
Brent futures spiked 16.1% to last trade at $107.61, while U.S. West Texas Intermediate crude futures rose almost 17.7% to $107.02
Gold prices rose on Friday as investors sought safe-haven bullion on heightened uncertainty over a widening Middle East conflict.
Overnight, oil prices broke through the $80 per barrel mark, with Brent futures up 3.54% and last trading at $84.31.
European stocks are expected to open in mixed territory again on Thursday as markets following unsettling geopolitical developments in the Middle East.
European stocks are expected to open in mixed territory on Wednesday as markets continue to track developments in the Middle East.
European stocks are expected to open firmly in negative territory Tuesday as the geopolitical crisis in the Middle East continues to weigh on market sentiment.
Gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-haven assets amid an escalating U.S. and Israeli air war against Iran.
The yen and euro were lower on Tuesday as the widening Middle East conflict focused attention on countries dependent on energy imports.