Gold Steady as Traders Watch Middle East War for Inflation Clues

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Or sign-in if you have an account.esyqtad8)1582ow8n72(1{uq_media_dl_1.png Bloomberg(Bloomberg) — Gold was steady as traders monitored a raft of developments in the Middle East conflict for clues on the energy price impact on inflation.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 continued to trade in a narrow range around $4,000 an ounce after ending the previous session down 0.2%. Oil was little changed after two days of gains, even after US forces launched a fresh round of strikes on Iranian targets and President Donald Trump vowed Tehran “will pay” for killing three US soldiers in recent days. Yemen’s Iran-backed Houthi rebel group has entered the fray, vowing to impose a maritime blockade on Saudi Arabia, prompting a military coalition led by the kingdom to say it had taken steps to protect vessels sailing the Red Sea.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 againDespite the escalation, Iran said mediators were in touch with proposals on how to ease hostilities after more than a week of worsening clashes, and Reuters reported a proposal for a 10-day cessation of strikes. The conflict, now in its fifth month, is again driving up prices of commodities used in manufacturing and food production. Traders are left to weigh higher energy prices and the prospect of the Federal Reserve raising interest rates against soft US economic data. Elevated borrowing costs are a headwind for non-yielding bullion.The Fed is set to announce its rates decision at a meeting next week, along with other clues. Gold traders are unlikely to do much before then, said Alexandra Symeonidi, an analyst at William Blair International Ltd. Swap traders see low odds of a rate rise at the meeting, but have fully priced in at least one hike by the end of the year. “Hawkish Fed is the biggest factor now,” she said. Spot gold was little changed at $4,008.83 an ounce as of 8:11 a.m. in Singapore. Silver was 0.2% lower at $56.31 an ounce. Platinum and palladium were stable. The Bloomberg Dollar Spot Index, a gauge of the US currency, was flat.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.