December gold futures rise 0.6% to $4,446.90 as geopolitical risks offset potential Fed rate hikes ahead of inflation data.
Gold December futures opened at $4,446.90 per troy ounce, up 0.6% from Monday’s close, as escalating U.S.-Iran tensions bolster safe-haven demand. Prices held at $4,445.30 in early trading, marking a second consecutive session above $4,400.
The metal’s gains reflect a 9.8% increase over the past week and a 31.4% rise year-over-year, though below its January peak of 95.6%. Markets now await Wednesday and Thursday’s inflation reports, which could influence the Fed’s September rate decision.
Sticky inflation may prompt the Fed to maintain or raise rates, typically pressuring gold, but geopolitical risks continue to support prices near early June highs.