Gold prices slip as crude oil prices weigh on rate cut hopes Gold and silver prices have shown volatility amid ongoing geopolitical tensions, particularly the Middle East conflict and the US-Iran war. Market experts suggest this week could bring further fluctuations, with potential declines as investors monitor developments in the US-Iran conflict. Global central banks’ interest rate decisions are influenced by these geopolitical events, and a low-interest-rate environment typically supports higher prices for gold and silver. Spot gold fell 1.2% to $5019 on Friday, closing lower as the US dollar strengthened. The yellow metal dropped around 3% for the week ending March 13. Mixed economic data released on Friday included an annualized Q4 GDP of 0.7% (forecast 1.4%), a hotter-than-expected GDP Price Index at 3.8% (forecast 3.6%), and a 0.4% monthly rise in the Core PCE price index. Real personal spending increased by 0.1% in January, while durable goods orders fell short of estimates. University of Michigan consumer sentiment dipped to 55.5 from 56.6, though it beat the forecast of 54.80. Both short-term and long-term inflation expectations eased. JOLTs job openings rose to 6946K in January, exceeding the estimate of 6750K. Gold currently trades at a 0.50% loss, around $4992, as high oil prices reduce expectations for rate cuts. Short-term pressure on gold persists due to a strong dollar and elevated oil prices. Analyst Praveen Singh of Mirae Asset ShareKhan notes support at $4840 and resistance at $5050/$5125. Silver prices edged up 0.1% to $80.62, while platinum rose 1.8% to $2,060.32 and palladium advanced 1.6% to $1,576.41. Gold prices have seen a slight breather as rising energy costs strengthen the US dollar and heighten concerns about delayed rate cuts.#us #iran #fed #boj #ecb
