Gold prices retreat over Middle East tensions

Gold prices eased on Wednesday after reaching another record high due to escalating tensions in the Middle East and hopes for US interest rate cuts, Reuters reported.

Spot gold declined 0.4 per cent to $2,271.50 per ounce, following its peak of $2,288.09 earlier in the session.

US gold futures rose 0.5 per cent to $2,292. Central bank purchases and robust demand have contributed to a 10 per cent gain in bullion this year.

Investors are now awaiting remarks from Fed Chair Jerome Powell for insights on the timing of the central bank’s first rate cut.

Meanwhile, oil prices surged due to geopolitical risks, while silver, platinum, and palladium also saw movement.