2 Hrs
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الاقتصادية
Gold holds near $4,180 as oil drops and yields increase
The gold price stabilized around $4,180 per ounce after increasing by 1.6% on Tuesday, amid declining oil prices and rising U.S. Treasury yields. Oil prices fell due to strengthened flows through a Saudi pipeline and increased supplies from the Middle East, which eased energy-related inflation concerns. Brent crude remains high, up about 70% this year, nearing the end of the eighth month of the ongoing conflict in the Middle East. Conversely, rising yields have put pressure on gold, which does not generate interest, as expectations grow that the Federal Reserve will continue to raise interest rates to combat rising inflation. This is particularly after Federal Reserve officials’ statements suggesting the possibility of additional hikes. The outlook remains that inflation will stay elevated for longer, and efforts to raise interest rates will continue, with close monitoring of upcoming U.S. inflation and employment data over the coming days.
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