Gold edges up on Federal Reserve uncertainty, Middle East unrest
Gold prices inched higher this week as investors kept a close eye on the US Federal Reserve's next move and growing unrest in the Middle East.
The US told non-emergency US government employees and their family members in Saudi Arabia only to leave Saudi Arabia, raising concerns about possible resumption of hostilities, particularly with Iran-aligned Houthi militia in Yemen.
All this uncertainty nudged gold up 0.2% to $4,133.90 an ounce as of 4:04pm in New York.
Energy and inflation complicate central banks
Energy supply worries and inflation, already fueled by ongoing U.S.-Iran tensions, are making things tricky for central banks, with oil prices staying high and bond yields shifting slightly.
Most traders think the Fed will keep interest rates steady for now, but some still see a small chance of a hike.
Through all this chaos, gold is holding its ground as a go-to safe haven for people wanting stability when markets get rocky.