Gold slips as dollar firms, markets await Iran response
Shafaq News/ Gold prices edged lower on Monday as investors favoured the dollar following the U.S. attack on key Iranian nuclear sites over the weekend, with markets closely watching for Iran's response.
Spot gold was down 0.4% at $3,355.40 an ounce, as of 0735 GMT. U.S. gold futures fell 0.5% to $3,370.30.
"The U.S. strikes on Iranian nuclear facilities resulted in the dollar receiving safe haven buying flows in the currency market," KCM Trade Chief Market Analyst Tim Waterer said.
"This USD uptick had pegged gold back and caused an uncharacteristically subdued performance from the precious metal despite risks stemming from the conflict."
The dollar rose (.DXY), opens new tab rose 0.3% against its rivals, making gold more expensive for other currency holders.
U.S. President Donald Trump on Sunday raised the question of a regime change in Iran following U.S. strikes against key military sites over the weekend, as senior officials in his administration warned Tehran against retaliation.
Iran vowed to defend itself a day after the U.S. dropped 30,000-pound bunker-buster bombs onto the mountain above Iran's Fordow nuclear site.
Meanwhile, Iran and Israel continued to trade volleys of missile attacks. An Israeli military spokesperson said Israeli fighter jets had struck military targets in western Iran.
Shares slipped in Asia on Monday and oil prices briefly hit five-month highs, but there were no signs of panic selling across markets.
The Federal Reserve's latest monetary policy report to Congress, released on Friday, said U.S. inflation remained somewhat elevated and the labor market was solid.
On the technical front, spot gold may retest support at $3,348 per ounce, a break below could open the way toward $3,324, according to Reuters technical analyst Wang Tao.
Elsewhere, spot silver rose 0.3% to $36.10 per ounce, platinum rose 0.2% at $1,267.76, while palladium gained 1.4% to $1,059.20.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
an hour ago
- Shafaq News
Iraqi government sued over 2025 budget delay
Shafaq News/ A parliamentary lawsuit has been filed against the Iraqi government for failing to submit the 2025 budget tables, an MP revealed on Monday, citing constitutional and legal violations that have disrupted public spending. MP Hadi al-Salami explained that the Finance Ministry has failed to pay monthly stipends of 60,000 dinars ($46) to residents of state-run senior care homes, accusing both the ministry and the Council of Ministers of corruption and administrative negligence. He cited violations of: - Article 62 of the Iraqi Constitution which requires the Council to send the draft budget to parliament for review and amendment. - Financial Management Law No. 6 of 2019, mandating timely submission of budget details. - Budget Law No. 23 of 2023, which approved a three-year budget framework requiring annual expenditure schedules for 2024 and 2025. The lawsuit comes amid mounting political pressure over the government's delay, which lawmakers warn is affecting salaries, social welfare, and public services. Although the financial framework was approved in 2023, the government must present annual tables to operationalize the budget; otherwise, spending allocations cannot be implemented. Parliamentary Finance Committee member Hussein Munis had ruled out near-term submission, citing ongoing bureaucratic and political hurdles, though fellow committee member Muin al-Kadhimi projected the schedules could reach Parliament by early July.
Shafaq News
an hour ago
- Shafaq News
Foreign oil staff partially evacuated from Iraq's Basra fields
Shafaq News/ Several foreign oil companies operating in Iraq's southern Basra province have temporarily withdrawn portions of their staff, the Basra Oil Company confirmed on Monday. The company noted that foreign personnel, particularly from BP operating in the Rumaila oil field, have been evacuated as a precaution. However, Iraqi technical teams have fully taken over operations, supported remotely by the original operators. In other fields, ENI reduced its workforce from 260 to 98 employees, who continue to operate the site alongside Iraqi staff, and Chinese companies managing West Qurna 1, Siba, and Faihaa have maintained full staffing levels with uninterrupted activity. Lukoil reported no changes to its staffing or field operations. Meanwhile, TotalEnergies has evacuated 60% of its personnel, but production continues without disruption. Basra, Iraq's primary oil-producing region, hosts numerous international firms working under technical service contracts. Any reduction in foreign staffing raises concerns over operational continuity and the country's export commitments, although officials have reiterated that Iraqi crews are capable of maintaining output in the short term. Earlier, a senior oil official, speaking to Shafaq News, attributed the departures to security concerns stemming from the conflict between Iran and Israel, as well as the heightened risks following the US strikes on key Iranian nuclear facilities in Fordow, Natanz, and Isfahan.
Iraqi News
2 hours ago
- Iraqi News
Eni reduces workforce at Iraq's Zubair oil field amid regional tensions
Baghdad ( – Italian energy giant Eni has scaled back the number of its employees at the Zubair oil and gas field in southern Iraq's Basra province as a precautionary response to heightened instability in the region. The decision follows a wave of airstrikes over the weekend, in which the United States joined Israeli efforts to target key Iranian nuclear facilities. The escalation has raised concerns about the potential for broader regional fallout in the Gulf, particularly in neighboring countries like Iraq, which hosts both Western companies and Iran-backed groups. According to Reuters, Eni is closely monitoring the situation and coordinating with local authorities to ensure the safety of its staff and operations. Zubair is one of Iraq's major oil fields and a critical part of the country's energy sector. Any disruptions or security concerns in Basra could have wider implications for Iraq's oil exports, which are vital to the national economy.
