Gold steadies after hitting four-month low

Gold prices held steady on Tuesday after falling to a four-month low in the previous session.

Spot gold was largely unchanged at $4,408.77 per ounce by 11:00 a.m. ET (1500 GMT), after touching $4,097.99 on Monday, the lowest since November. U.S. gold futures for April delivery steadied at $4,409.30, News.Az reports, citing Reuters.

Bart Melek, global head of commodity strategy at TD Securities, said: “If the war continues and energy prices keep grinding higher, it’s not great news for gold. It will be under pressure in Q2, but by year-end the outlook could improve as central banks ease rates and the dollar weakens.”

Bullion, often seen as a safe-haven and inflation hedge, tends to lose appeal in a high-interest environment, as it generates no yield while rates remain elevated.

News.Az 

By Aysel Mammadzada