Gold Stable in Asia, Markets Still Haunted by Iran Risk
Gold prices moved steadily in Asian trading on Monday (May 4), as market participants continued to assess uncertainty surrounding the war in the Middle East and the direction of global interest rates. Safe-haven demand was deemed insufficient to provide significant support as the market also considered the inflationary impact of the conflict.
Spot gold was relatively flat at US$4,606.34 per ounce. Meanwhile, gold futures fell 0.4% to US$4,624.14 per ounce.
Trendwise, gold remains in a weakening phase after recording two consecutive months of declines. This pressure reflects the tug-of-war between its hedging function during heightened geopolitical risks and concerns that inflationary effects could keep interest rate expectations tight, which is typically a drag on non-yielding assets like gold.
Beyond gold, other precious metals strengthened. Spot silver rose 0.4% to US$75.6945 per ounce, while spot platinum rose 0.9% to US$2,010 per ounce, indicating that selective interest in defensive assets remains strong even though interest rate policy remains a dominant factor. (asd)*
Source: Newsmaker.id
