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THE Gold fell below $2,380 an ounce on Monday, retreating from last week’s all-time highs amid an easing of tensions in the Middle East.
Last Friday, Israel launched an attack on Iran, sending investors fleeing for safer assets. However, sources indicated that the scale of the attack was limited and that Iran played down reported Israeli retaliation, countering fears that the conflict could escalate into a wider war. However, investors are keeping a close eye on potential developments.
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In addition, gold faced downward pressure from strong US economic indicators alongside strong remarks from several Federal Reserve officials. Expectations of prolonged rate cuts weighed on gold as the “allure” of non-performing assets like gold fades with higher interest rates.
Investors will now await first-quarter US GDP data and March core PCE data due later this week, which serve as the Fed’s key inflation gauge.
