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Gold nears two-week high as Fed outlook, Middle East conflict stay in focus
Spot gold rose 1.6% to $4,139.64 per ounce as investors weighed Middle East tensions and expectations for the Federal Reserve meeting.
- Gold climbed to a two-week high on Wednesday as technical buying intensified amid investor concerns over the widening Middle East conflict and the upcoming Federal Reserve meeting next week.
- Escalating Middle East tensions, including threats against Saudi oil tankers in the Red Sea on Tuesday, have lifted oil prices and inflation concerns, strengthening demand for safe-haven gold.
- Tim Waterer, chief market analyst at KCM Trade, said, "Buyers have been stepping in seeking a value play," as investors anticipate the Federal Reserve meeting next week.
- Interior Minister Eskandar Momeni requested Pakistan's assistance for a 10-day ceasefire proposal, though U.S. Secretary of State Marco Rubio claimed on Wednesday that Tehran is not serious about talks.
- Silver rose 1.6% to $59.71 per ounce, while platinum climbed 1.9% to $1,659.97 and palladium rose 2.2% to $1,310.50, reflecting broader precious metals strength.
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This article was originally published on Cedarnews.net. For more exclusive news and reports, visit our website. Gold prices rose to their highest level in nearly two weeks on Wednesday, supported by technical buying. This comes as investors await next week's Federal Reserve meeting for clues about interest rate expectations and closely monitor the Middle East conflict. Gold price today... This news was published on the Cedarnews website. For mor…
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Total News Sources19
Leaning Left1Leaning Right5Center3Last UpdatedBias Distribution56% Right
Bias Distribution
- 56% of the sources lean Right
56% Right
11%
C 33%
R 56%
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