(RTTNews) – Gold prices were little changed on Wednesday, recovering early losses despite a stronger dollar and higher US Treasury yields.
Spot gold was steady at $4,482.58 an ounce, near a seven-week low, after US President Donald Trump said the war with Iran would end “very quickly”.
US gold futures were trading around $4,480 an ounce a day after the yield on 30-year US Treasury bonds rose to levels not seen in 2007 due to rising concerns about inflation and the outlook for interest rates and economic growth.
The dollar held steady at a six-week high and bonds remained under pressure as currency markets factored interest rate hikes by the European Central Bank and the Federal Reserve before the end of the year.
Oil prices fell nearly 2 percent in European trading after US President Trump said Iran wants a deal “so badly”, insisting the ongoing conflict will end “very quickly”.
He further said that global oil prices will soon go down due to abundant supply. Vice President J.D. Vance said peace talks are making good progress, but Washington is prepared to resume military operations if talks fail.
In another development, the British government has eased restrictions on Russian energy imports to address rising fuel costs due to the effective blockade of the Strait of Hormuz.
Earlier this week, the United States announced a 30-day extension of sanctions waivers for countries purchasing Russian oil and petroleum products currently stranded at sea.
Meanwhile, NATO is not making any plans for a potential mission in the Strait of Hormuz and doing so would require a political decision, said U.S. Air Force Gen. Alexus Grinkevich, NATO’s supreme allied commander for Europe.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Reflect the views of.
