Gold prices increased as President Trump refrained from escalating tensions with Iran, leading to a drop in oil prices and easing inflation concerns. New York gold futures rose by 0.2% to $4,113.90 per troy ounce. Meanwhile, Brent crude fell to $83 a barrel following the announcement of diplomatic talks with Iran. Analysts suggest that upcoming U.S. labor market data and movements in the U.S. dollar and Treasury yields will have a greater impact on gold prices than traditional safe-haven demand, indicating a technical rebound rather than a strong trend. Spot gold was recorded at $4,058.79 per troy ounce, up 0.4%.

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https://www.wsj.com/finance/commodities-futures/gold-rises-on-technical-rebound-e221dd67

Gold Rises As Middle East Diplomacy Hopes Push Oil Lower

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0753 GMT – Gold prices edge higher after President Trump refrained from launching fresh attacks on Iran, sending oil prices lower and easing concerns about inflation and further interest-rate hikes. In early European trading, New York gold futures are up 0.2% to $4,113.90 a troy ounce. Brent crude, the global oil benchmark, tumbled to $83 a barrel as Trump told reporters Sunday that the U.S. would engage in talks with Iran beginning Monday afternoon. Meanwhile, the U.S. dollar index is down 0.1% to 99.79 after Japan and the U.S. confirmed joint intervention to shore up the yen, making dollar-denominated commodities cheaper for overseas buyers. (giulia.petroni@wsj.com)

Gold Rises on Technical Rebound

0044 GMT — Gold rises in early Asian trade. The direction of the U.S. dollar, U.S. Treasury yields and incoming U.S. labor market data will affect gold’s trends over the next few sessions more than the traditional safe-haven narrative, says Linh Tran, market analyst at XS.com. Geopolitical risks no longer mean that gold prices will have a one-direction reaction, as Middle East tensions can drive oil prices and inflation expectations higher as much as it can strengthen safe-haven demand, the analyst says. Gold is currently in a transitional phase and recent gains look more like a technical rebound, the analyst adds. Spot gold is 0.4% higher at $4,058.79 a troy ounce. (kimberley.kao@wsj.com)

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Gold Rises As Middle East Diplomacy Hopes Push Oil Lower

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