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FollowingKey points
Gold prices surged more than 1% and regained the US$4100 mark after falling for three consecutive trading days.
A new military standoff between the United States and Iran has reignited safe-haven buying.
The minutes of the Federal Reserve meeting showed that officials were divided on future interest rate decisions.
Rising energy costs have exacerbated inflation concerns. May prolong the high interest rate environment
Dollar resilience and the Fed\'s hawkish stance continue to suppress gold\'s upward momentum
Precious metals prices rebounded strongly
Precious metals prices rebounded strongly on Thursday, rising more than 1% after falling for three consecutive trading days. Spot gold rose 1.14% to $4,123.91 an ounce; gold futures contracts rose 1.25% to close at $4,132.95 an ounce. The rally comes against the backdrop of renewed military confrontation between Washington and Tehran and a return to the traditional safe-haven asset of gold.
Military tensions in the Middle East increase the appeal of precious metals
The United States launched a new round of military action against Iran on Thursday, just hours after President Donald Trump announced the collapse of ceasefire talks with Iran\'s leadership. Since the conflict broke out at the end of February, the regional situation has continued to escalate. Armed forces in Tehran retaliated by launching strikes on U.S. military facilities in Kuwait and Bahrain. The Islamic Revolutionary Guard Corps has warned that if Washington continues military operations, it will launch more attacks on U.S. military assets across the Gulf region.
The escalation has caused turbulence in energy markets. Iran\'s attacks on ships trying to pass through the Strait of Hormuz have pushed up crude oil prices, adding to energy-related inflationary pressures. Higher oil prices complicate the Fed\'s ability to implement interest rate cuts, creating a challenging environment for gold-as falling interest rates typically favor this interest-free asset and rising rates diminish its appeal. [TAG
ANZ analysts said in a research note: \"Any surge in energy prices will reinforce market expectations that the Fed may keep interest rates high for longer to cope with continued inflation.\"
Federal Reserve minutes reveal policy uncertainty
The release of the minutes of the Federal Reserve\'s June policy meeting brought more considerations to the market. Central bank officials showed disagreement on whether further interest rates were needed, providing some boost to gold investors. Expectations of a possible pause in interest rate hikes later this year have improved market sentiment around gold. Lower borrowing costs reduce the opportunity cost of holding gold-gold itself does not generate benefits.
However, the same minutes also showed that deep-seated concerns about inflation among Fed policymakers are growing. Since the outbreak of the conflict in Iran, inflationary pressures in the United States have continued to exceed the central bank\'s 2% target. \"The minutes of the meeting confirmed that a rate hike in September remains a real possibility,\" said Thomas Ryan of Capital Economics.
The dollar was relatively stable on Thursday at 100.98, but remained close to the 13-month high set in June. A stronger dollar typically increases the cost of gold for international buyers using other currencies, thereby dampening demand. Earlier this week, gold came under pressure as the dollar strengthened on inflation concerns sparked by regional conflicts. After gold fell below the psychological level of $4100 on Wednesday, Thursday\'s rebound brought it back to that level.
