Summary
- International gold prices are extending gains as Middle East geopolitical risks and inflation concerns intensify.
- A modest decline in the dollar and Treasury yields is also supporting demand for haven assets such as gold.
- Silver prices have surged more than 7%% recently, marking the biggest jump in a month, while precious metals including platinum and palladium are also rising.
Forecast Trend Report by Period
Gold held onto its gains as geopolitical tensions in the Middle East and mounting inflation concerns supported demand for haven assets.
Bloomberg reported on May 11 that spot gold traded near $4,740 an ounce, steady around the previous session’s levels after rising 0.4% a day earlier.
The strength in gold has been driven in part by prolonged tensions surrounding the Strait of Hormuz. President Donald Trump recently blasted Iran’s proposal to end the war and said a ceasefire was effectively on shaky ground. The remarks added to anxiety over global energy markets and inflation, reinforcing demand for safe-haven assets such as gold.
Investors are also focused on April U.S. consumer price index data due later in the day. Rising commodity costs since the Iran war may be spreading across manufacturing and agriculture, potentially widening price pressures.
A slight decline in the dollar and Treasury yields also bolstered gold. Because the metal is priced in dollars and does not pay interest, a weaker greenback and lower yields typically support prices.
Silver also climbed sharply. The metal has rallied more than 7% recently, marking its biggest gain in a month, with technical buying helping drive the advance. Other precious metals, including platinum and palladium, also moved higher.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
