Gold stabilizes above $5,000, supported by renewed demand for safe havens

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Gold stabilizes above ,000, supported by renewed demand for safe havens

Gold prices witnessed relative stability today, Thursday, after recording an increase of more than 2% the previous day, driven by the escalation of ongoing geopolitical tensions between the United States and Iran, which increased demand for safe havens, while investors evaluated the path Monetary policy of the Federal Reserve.

The price of gold in spot transactions increased by 0.5% to $5,004.47 per ounce by 06:34 GMT, while US gold futures (April delivery) rose by 0.3% to $5,025.10.

In other precious metals, the price of silver rose by 1.5% to $78.36 per ounce, and platinum rose 0.7% to $2,084.71, while palladium increased by 0.4% to $1,722.94.

On the political level, the White House announced, on Wednesday, that some progress had been made during the Iran talks this week in Geneva, but differences still remained on some issues, while Russian Foreign Minister Sergei Lavrov warned that any new American strike on Iran would have serious consequences.

And at the monetary policy level, it showed Federal Reserve meeting minutes (US central bank) for the month of January showed that policymakers were almost unanimously agreed to keep interest rates steady, but remained divided on their next steps, with… "Many" Some of them were open to raising interest rates if inflation remained high, while others were inclined to support further cuts if inflation declined.