Gold prices edged lower on Monday as investors preferred the dollar following a U.S. attack on Iran's main nuclear site over the weekend, with markets looking to Iran for a response. Spot gold was down 0.2% at $3,362.29 an ounce, as of 0341 GMT. U.S. gold futures were down 0.2% at $3,378. "The U.S. attack on Iran's nuclear facilities has seen the dollar receive safe-haven buying in the currency market," said Tim Waterer, chief market analyst at KCM Trade. "The rise in the dollar has pegged gold back and led to an unusually weak performance by the precious metal despite the risks emanating...
Oil prices surged on Monday to their highest since January as the United States' move over the weekend to join Israel in striking Iran's nuclear facilities stoked supply concerns. Brent crude futures rose $1.52, or 1.97%, to $78.53 a barrel by 0503 GMT. U.S. West Texas Intermediate crude futures rose $1.51, or 2.04%, to $75.35. Both contracts jumped more than 3% earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some of the gains. The price surge came after U.S. President Donald Trump said he had "destroyed" Iran's main nuclear site in an...
Gold price (XAU/USD) retains its negative bias through the first half of the European session on Monday and currently trades near the lower end of its daily range. The US attack on Iran's nuclear facilities on Sunday raises the risk of a broader conflict in the Middle East and benefits the US Dollar's (USD) status as the global reserve currency. Moreover, the Federal Reserve's (Fed) hawkish signal further underpins the Greenback and contributes to driving flows away from the non-yielding yellow metal. Meanwhile, the risk of a further escalation of geopolitical tensions in the Middle East...