Gold Prices Await Doha's Response!
Gold prices traded within a limited range after previously weakening by almost 2%. In morning trading in Singapore, spot gold fell slightly by 0.23% to US$4,004.84 per troy ounce. This movement occurred as the market continued to monitor tensions between the United States and Iran.
Washington said talks with Tehran would begin on Tuesday in Doha, Qatar. However, Iran stated that it would only send an expert delegation and would not hold direct talks with the US team. This difference in stance has left the market skeptical about the chances of a peace agreement.
Tensions also arose from Iran's plan to monitor shipping through the Strait of Hormuz. This move was opposed by the United States, Europe, and Gulf Arab states, as the waterway is crucial for global energy shipments. This situation poses a major concern for oil and gas supply risks.
Since the war began in late February, gold prices have fallen nearly 24% and briefly fell below US$4,000 per troy ounce last week. Pressure on gold comes from rising energy prices, which have fueled inflation concerns. If inflation remains high, central banks could potentially keep interest rates high for longer.
In the United States, the Supreme Court ruled that Fed Governor Lisa Cook can remain in office while she faces an impeachment attempt by President Donald Trump. This decision strengthens the Fed's independence amid pressure to lower interest rates. Meanwhile, silver rose 0.4% to US$58.51 per troy ounce, while platinum and palladium also strengthened. (asd)*
Source: newsmaker.id
