Gold remains steady at $4,040

Gold prices are holding steady near $4,040 an ounce after escalating tensions between the United States and Iran, as Washington and Tehran intensified their attacks over the weekend, including targeting ships in the Strait of Hormuz. This coincided with Brent crude rising above $90 a barrel due to increasing hostilities, leading to higher energy and commodity prices overall. Despite weak U.S. economic data that reduce the likelihood of an interest rate hike in the short term, rising borrowing costs and Middle East tensions are supporting gold as a safe haven, even though it experienced a 14% loss in the second quarter of the year.

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