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.”
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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.
