WASHINGTON (dpa-AFX) - Gold consolidated near record highs on Wednesday in the wake of deepening Middle East tensions, with the United States warning about sanctions on Iran in response to their missile and drone attack on Israel.
Spot gold rose 0.4 percent to $2,391.77 per ounce, while U.S. gold futures were little changed at $2,408.20.
The U.S. and the European Union are planning to expand their sanctions regimes against Iran in the coming days as Israel weighs counterattack options.
The dollar and Treasury yields consolidated recent gains in European trade after several Fed officials warned of longer inflation flight.
Federal Reserve Chair Jerome Powell cautioned that persistently elevated inflation will likely delay any rate cuts until later this year.
Vice Chair Philip Jefferson said 'it will be appropriate to hold in place the current restrictive stance of policy for longer' if inflation fails to slow as expected.
Richmond Fed President Thomas Barkin said the recent run of indicators had not supported the idea of a soft landing for the economy.
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