Gold prices held steady in holiday-thinned trade as markets digested the Federal Reserve meeting results and the Middle East conflict. Israel and Iran continued to trade barbs, with Trump saying he would decide on a US strike on Iran "within two weeks." The safe-haven metal traded in a tight range amid lower volumes, but underlying risks remain real, says Tammy Da Costa at FXStreet.
Geopolitical tensions remain the main upside driver for gold, although it faces pressure from renewed USD strength after the Fed update, she writes. Powell's cautious tone suggests monetary policy may remain tighter than anticipated. Non-interest-bearing gold tends to have an inverse correlation to interest rates. Spot gold was last steady at $3,368/oz.
Source: Dow Jones Newswires
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