Gold edges up to $4,362 as oil pullback tempers inflation concerns

  • Gold rose 0.2% to $4,362 an ounce in early Asia trade.
  • Markets weighed a pullback in oil prices alongside gold's early-Asia rise.
  • Geopolitical risks and central-bank purchases support a floor around $3,800 an ounce.

Gold rose 0.2% to $4,362 an ounce at 0015 GMT in early Asia trading as markets assessed whether a pullback in oil prices could ease inflation concerns that have lifted bond yields and rate-hike expectations. Analysts at BMI, a unit of Fitch Solutions, say the outlook for interest-rate cuts is central to gold demand because lower bond yields could redirect investment toward the nonyielding safe-haven asset. BMI sees further gold declines as likely in the fourth quarter as a stronger dollar combines with a hawkish turn in Federal Reserve policy, while geopolitical risks and continued central-bank purchases are expected to support a floor around $3,800 an ounce. Earlier Gate data showed gold at $4,332.40, silver at $65.681, lower oil prices and modest gains in major European indexes. The data also covered currency moves and Gate's integrated TradFi offering for precious metals, foreign exchange, stock CFDs, indexes and commodities.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.