.jpg)
57 minutes ago
3
Article content
(Bloomberg) — Gold held a loss, as fresh clashes in the Persian Gulf weighed on hopes for a US-Iran peace deal and reinforced concerns that inflation could keep interest rates higher for longer.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Bullion was near $4,510 an ounce in early trading, having fallen 1.4% on Tuesday. Hostilities between US and Iranian forces near the Strait of Hormuz occurred even as both sides touted progress toward an interim peace deal, with US Secretary of State Marco Rubio saying that any pact would likely take a few days to finalize.
Article content
Article content
Article content
Despite the impasse, confidence was growing that the three-month conflict will remain contained, with traders seizing on signs of diplomatic progress even as attacks continued. The risk-on mood has lifted equities to fresh highs.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“While hope of a US-Iran deal has offered some support, the situation remains fragile and persistent, as inflation fears continue to loom over precious metals,” TD Securities analyst Ryan McKay said in a note. “Ultimately the pricing asymmetry remains heavily skewed to the downside across the board.”
Article content
Bullion has slumped around 15% since the conflict erupted in late February. Traders ramped up rate-hike bets as the war sent energy prices soaring and fanned inflation concerns. Higher borrowing costs weigh on gold, which doesn’t pay interest.
Article content
Spot gold edged up 0.1% to $4,514.48 an ounce as of 7:37 a.m. in Singapore. Silver gained 0.5% to $77.25. Platinum and palladium also rose. The Bloomberg Dollar Spot Index, a gauge of the US currency, was little changed after ending the previous session 0.1% higher.
Article content
Advertisement 1
English (US)