Gold Prices Struggle Amid Stable Dollar, Rising Oil Prices and Geopolitical Tensions

Praveen Singh, head of commodities at Mirae Asset Sharekhan, said: Spot gold is struggling due to a stable US dollar and rising oil prices. The volatility in West Asia has also weighed on the market. The aggressive stance of Federal Reserve officials has affected investor sentiment. The prospect of interest rates remaining high for a longer period of time has dampened gold demand. A stronger US dollar also makes gold costlier, making it less expensive to buy. Investors now await upcoming US economic data, including the weekly ADP employment report and the Richmond Fed Manufacturing Index. These data could provide new clues on the central bank's monetary policy. Any change in monetary policy has a direct bearing on gold prices. Traders will also focus on the meeting between US President Donald Trump and his Chinese counterpart Xi Jinping in New York on Thursday. The prospect of war in Iran, political tensions in the Middle East, and the West's possible resolution of the Iran-US geopolitical conflict.