Gold jumps over 1% as oil drop eases inflation concerns
Gold prices shot up over 1% on Tuesday, with spot gold reaching $4,525.72 per ounce and US futures climbing to $4,556.
Lower oil prices have eased inflation worries and made interest rate hikes less likely, giving gold a boost.
US yield decline boosts gold appeal
With the 10-year US Treasury yield falling by 1.1%, gold, an asset that doesn't pay interest, looks more appealing right now.
Analyst Ole Hansen from Saxo Bank pointed out that oil's impact on inflation is huge for markets, and if gold breaks above $4,630, we could see even more people jumping in.
Investors move to gold, eyeing jobs
A partial ceasefire between Hezbollah and Israel has pushed investors toward safe-haven assets like gold amid Middle East tensions.
Everyone's watching for Friday's US jobs report and Fed speeches to get a clearer picture of what's next for the economy.