Gold prices moved higher in global markets on Tuesday after falling to their lowest level in two weeks, as investors turned to safe-haven assets amid rising tensions in the Middle East and ahead of key U.S. inflation data.
Spot gold increased by 0.3%, reaching $4,013.93 per ounce, while U.S. gold futures for August delivery rose 0.4% to $4,020.80 per ounce.
The rebound followed a sharp 3% decline in the previous trading session. Growing geopolitical uncertainty and recent developments in the region encouraged investors to return to gold as a traditional safe-haven investment.
Markets are now closely watching the release of the U.S. Consumer Price Index (CPI) for June, which could provide important clues about the Federal Reserve’s next interest-rate decisions.
Investors are also monitoring the impact of rising oil prices and ongoing concerns over maritime shipping routes, factors that could contribute to inflationary pressures and influence future monetary policy.
