Gold around $4,400 with U.S.-Iran tensions and 60% Fed odds
Gold is hanging around $4,400 an ounce this week, as traders keep a close eye on rising U.S.-Iran tensions and a weaker US dollar.
The recent flare-up in the Strait of Hormuz has sent oil prices up and sparked fresh worries about inflation.
With all this uncertainty, markets now see a 60% chance the US Federal Reserve will hike interest rates at its meeting next week, a move that could put extra pressure on gold.
Gold and silver up 0.1%
Gold and silver both saw tiny bumps (up 0.1%) early in trading, while platinum stayed flat and palladium nudged higher.
The dip in the dollar is making gold more attractive for buyers outside the US.
Everyone's waiting for key US inflation data later this week; if it comes in hot, a rate hike could be on the cards, which would likely shake up global markets even more.