Lates News

Earlier, Iran indicated that it would retaliate for the attack on its energy facilities, and Middle Eastern oil facilities have become legitimate targets for retaliation, causing oil prices to rise and putting pressure on gold and silver. On Wednesday, spot gold fell more than 3% to its lowest level in over a month, while spot silver fell over 4% to a one-month low. Brent crude oil briefly exceeded $105 per barrel. David Meger, director of metals trading at High Ridge Futures, stated that the increase in energy prices due to the escalating conflict has added to inflation and the Fed may not be able to lower interest rates, keeping gold prices under pressure. There is currently no shortage of safe-haven demand, but other pressures are outweighing this demand for gold. The Iran conflict has been ongoing for nearly three weeks with no sign of easing, keeping benchmark Brent crude oil futures prices above $100 per barrel, and as energy costs rise, this could further exacerbate inflation across broader economic sectors.