Gold stabilizes above $5,000 as investors await developments in the Iran war
Gold prices witnessed relative stability today, Tuesday, after the decline of the US dollar, and traders awaited attempts to contain the shortage of oil supplies resulting from the US war with Iran. The price of gold in spot transactions stood at $5,005.54 per ounce, while the price of silver rose slightly by 0.1% to reach $80.90. Platinum and palladium also saw their prices rise. Gold fell below the level of $5,000 per ounce at the beginning of trading, after losing 0.3% in the previous session. In contrast, the dollar index rose 0.1% after falling 0.6% on Monday. Despite recent declines, gold is still up about 16% this year, supported by geopolitical instability and threats to the independence of Federal Reserve Demand for safe assets. Concerns about stagflation – slowing growth and rising inflation at the same time – are also supportive of gold in the long term, increasing its appeal as a store of value.
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