Gold eases on firmer dollar, profit-taking; Mideast conflict in focus
GLD•Other metals advance
Among other metals, spot silver XAG= rose 0.7% to $66.70, platinum XPT= gained 0.5% to $1,810.47, while palladium XPD= was up 0.3% to $1,305.65.
Gold edges lower on stronger dollar and profit-taking
Gold edged lower on Monday, weighed down by a stronger dollar and profit-taking after a rally late last week, while market participants kept a close watch on the conflict in the Middle East.
Spot gold XAU= fell 0.1% to $4,371.95 per ounce by 1205 GMT. US gold futures GCcv1 were down 0.3% at $4,409.50.
The dollar gained, making greenback-priced bullion more expensive for holders of other currencies.
"The slightly firmer US dollar is adding to the pressure in gold, while some profit-taking after Friday's rebound is also playing a role," ActivTrades Director and CEO Ricardo Evangelista said.
Gold climbed to a one-week high of $4,399.41 per ounce on Friday, as lower oil prices helped ease some concerns about prolonged inflationary pressures.
Middle East tensions and rate expectations remain in focus
Oil prices slid to their lowest in more than a week on Monday as investors hoped for diplomatic progress on the Iran war due to this week's UN meeting.
But concerns remained elevated as Iran and the United States exchanged new threats on Sunday, with President Donald Trump warning Iran would fail economically or face its leadership being wiped out if it didn't make a deal, and the Iranian military saying it would retaliate harshly against any fresh attack.
"Persistent inflation and further monetary tightening could create downside towards $4,000. On the other hand, a de-escalation in the US-Iran war could ease inflationary fears, leading to lower yields and a softer dollar, which could allow gold to approach the $5,000 level," Evangelista said.
