Gold futures climb to $5,175.20 per ounce, driven by safe-haven demand amid Middle East conflict, though inflationary pressures from energy costs may challenge gold's upward momentum.
New York gold futures rose by 0.8% to $5,175.20 per ounce, nearing $5,200, as geopolitical tensions in the Middle East spurred demand for safe-haven assets. ING analysts highlighted the potential impact of higher energy-driven inflation, which could keep interest rates elevated, posing a challenge for non-yielding gold. The market remains cautious, with gold's price closely tied to broader economic factors like inflation and interest rates.