<\/p>\n
Gold was heading for its first monthly advance since February, supported by this week\u2019s decision by the US Federal Reserve to hold interest rates steady in the face of inflationary pressures from the Iran war.<\/p>\n
Bullion was near $4 080 an ounce, on track for a July gain of nearly 2%. That was despite a retreat of as much as 0.8% on Friday, with the US dollar recovering ground against the yen following a sharp decline triggered by Japan\u2019s apparent intervention in the foreign-exchange market during overnight trading.<\/p>\n<\/p>\n
A gauge of the dollar fell 0.9% on Thursday, making gold that\u2019s priced in the US currency cheaper for most buyers, before regaining as much as 0.3% in the current session. The Bank of Japan kept its policy settings unchanged and authorities in Tokyo refrained from confirming any intervention, while top currency official Atsushi Mimura hinted at support from the US and other countries.<\/p>\n
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Gold is down by more than a fifth since the US-Iran war began more than five months ago, with high energy prices stoking inflationary pressures and raising the likelihood that rates will stay higher for longer \u2013 a headwind for precious metals, which don\u2019t pay interest. A wave of dip-buying has helped to keep the metal above the key level of $4 000 an ounce in recent weeks.<\/p>\n
Looking ahead, bullion traders are continuing to seek clues to the Fed\u2019s next policy steps. This week\u2019s split decision \u2014 9-3 in favor of preserving the current rate \u2014 revealed conviction among some policymakers that higher borrowing costs will eventually be needed to meet the central bank\u2019s inflation target of 2%.<\/p>\n
Fed Chairman Kevin Warsh insisted the latest decision wasn\u2019t a sign of inertia at the US central bank, saying: \u201cIf inflation continues to be elevated through the forecast period, interest rates could well be part of that solution, but I wouldn\u2019t say it\u2019s in isolation.\u201d<\/p>\n
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The messaging from Warsh \u201cis that inflation is not alarming, outside of the energy price effect,\u201d said Helen Amos, an analyst at BMO Capital Markets Ltd. The \u201cmarket\u2019s assessment of inflation might be past its peak,\u201d she said, adding that the Jackson Hole Economic Policy Symposium in late August \u2014 where the Fed chair often delivers a major policy address \u2014 may be the next big catalyst for gold.<\/p>\n
In the Middle East, the US and Iran exchanged strikes again this week, with Washington hitting \u201cdozens\u201d of targets in Iran on Wednesday in response to attacks on American military bases in the region. Meanwhile, Saudi Arabia has discussed the formation of a multinational alliance to protect shipping in and near the Red Sea.<\/p>\n
Spot gold fell 0.5% to $4 082.04 an ounce at 1:10 p.m. in Singapore, having added 0.9% in each of the previous two sessions. Silver also shed 0.5% to $58.71 an ounce. Platinum and palladium declined.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Gold #heads #monthly #gain #February #Fed #holds<\/p>\n","protected":false},"excerpt":{"rendered":"
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