Gold edged higher, with safe-haven demand from rising risks of a wider war in the Middle East offset by weak U.S. economic data that raised the prospect of a rate cut.
While rising tensions boosted bullion's appeal as a store of value amid geopolitical turbulence, traders also factored in a series of lukewarm U.S. reports on retail sales, housing and industrial production that strengthened the case for a Federal Reserve rate cut this year.
However, the Middle East conflict has fueled a spike in crude prices that could stoke inflation, making aggressive Fed monetary easing less likely. A rate cut is usually a positive for non-yielding gold. The U.S. central bank is set to announce its latest policy setting later on Wednesday.
Source: Newsmaker.id
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