Gold Holds Gain as Traders Weigh Impact of Oil Risks on Rates

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessGold Holds Gain as Traders Weigh Impact of Oil Risks on RatesGold held a gain as traders monitored threats to energy supply routes that risk stoking inflation and putting pressure on the Federal Reserve to hike interest rates.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.ix}4smoku[iq3kpuvzlgvh}b_media_dl_1.png Bloomberg(Bloomberg) — Gold held a gain as traders monitored threats to energy supply routes that risk stoking inflation and putting pressure on the Federal Reserve to hike interest rates.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountBullion was trading around $4,080 an ounce, after gaining almost 2% the previous session. US President Donald Trump played down the prospect of immediate talks with Iran as the two sides exchanged strikes near the Strait of Hormuz, while Houthi militants in Yemen threatened shipping in the Red Sea.Trump’s comments came after the 10th day of US and Iranian attacks and as mediators continued efforts to restart negotiations. Oil prices again ticked higher on Wednesday, and have surged in July since hostilities resumed in the nearly five-month war. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againA spate of attacks on Russia’s Black Sea coast, which ships most of Kazakhstan’s oil, added further pressure.The US-Iran war helped to end a multiyear bull run for gold, which has fallen more than a quarter from its January peak of close to $5,600 an ounce. Prices are now showing signs of support at the key psychological level of $4,000 on dip-buying after two weeks of losses. Silver has also jumped, gaining more than 4% on Tuesday.Precious metals traders are weighing higher energy prices against soft US economic data as they scan for clues about the Fed’s path for interest rates. Elevated borrowing costs are a headwind for non-yielding bullion. “Gold is struggling for direction,” with central bank purchases supporting prices while exchange-traded funds sold holdings on rate-hike fears, analysts at Morgan Stanley including Amy Gower said in a note. However, they see room for ETFs to re-enter the market on the expectation that the Fed will ultimately stay on gold this year and resume cutting rates next year. The analysts forecast gold at $4,450 an ounce and silver at $65.40 an ounce by the fourth quarter. Spot gold was 0.1% higher at $4,080.79 an ounce as of 7:52 a.m. in Singapore. Silver was flat at $58.83 an ounce. Platinum and palladium edged higher. The Bloomberg Dollar Spot Index, a gauge of the US currency, was stable after rising 0.2% the previous session.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.