Gold rises on Middle East tensions, but Fed's cautious outlook caps gains
Gold prices
edged higher on Thursday, supported by
safe-haven demand
amid uncertainty in the Middle East, although gains were capped as traders assessed the
U.S. Federal Reserve
's signal of a slower pace for future rate cuts.
FUNDAMENTALS
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* Spot gold was up 0.3% at $3,378.86 an ounce, as of 0033 GMT. U.S. gold futures fell 0.4% to $3,395.80.
*
Geopolitical tensions
remained heightened as U.S. President
Donald Trump
on Wednesday refrained from confirming whether the U.S. would join Israel's bombardment of Iranian nuclear and missile sites, prompting residents of Tehran to leave the city amid ongoing air strikes.
* The U.S. military has moved some aircraft and ships from bases in the Middle East that may be vulnerable to any potential Iranian attack, two U.S. officials told
Reuters
on Wednesday.
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* The Fed held
interest rates
steady on Wednesday, policymakers still forecast slashing rates by half-a-percentage point this year, but have slowed the pace of future cuts.
* However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.
* Futures on the federal funds rate, which measure the cost of unsecured overnight loans between banks, raised the odds the Fed would resume cutting interest rates at the September meeting, with a roughly 64% probability.
* Signalling continued challenges in the labour market, data showed the number of Americans filing new applications for
unemployment benefits
fell last week, but remained at levels consistent with a further loss of labour market momentum in June and softening economic activity.
* The U.S. dollar index traded higher against most major currencies after the Fed kept interest rates unchanged. A higher dollar makes greenback-priced bullion more expensive.
* Elsewhere, spot silver was steady at $36.75 per ounce, platinum rose 1% to $1,335.93, while palladium gained 0.6% to $1,054.40. DATA/EVENTS (GMT) 1100 UK BOE Bank Rate June.
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First Post
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