Middle East unrest limits gold gains as dollar firms

Gold holds steady near $2,320 despite renewed Middle East conflict. Dollar strength counters safe-haven demand.

Gold prices held steady on Tuesday after rising on Monday due to renewed conflict in the Middle East. The metal remains rangebound as the US dollar found its footing, countering some safe-haven buying.

Spot gold (XAU/USD) traded at $2,320.16 per ounce by 07:50 BST, still more than $100 below April’s record highs. While an Israeli strike on Gaza and stalled ceasefire talks boosted demand, the dollar’s strength limited further gains.

Focus now shifts to the Federal Reserve, with markets awaiting comments from Fed President Neel Kashkari for clues on potential interest rate cuts.

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