WASHINGTON (dpa-AFX) - Gold prices have edged higher on Tuesday as investors held back big moves with the Middle East burning.
Front Month Comex Gold for April delivery has crept by $8.20 (or 0.16%) to $5,010.40 per troy ounce.
Front Month Comex Silver for April delivery has slumped by $0.937 (or 1.17%) to $79.465 per troy ounce.
The war between U.S. and Israeli combined forces and Iran that began on February 28 is intensifying day by day.
Israel's Defense Minister Israel Katz stated that in an overnight strike by the Israeli forces, Iran's Security Chief Ali Larijani had been killed along with Basij Commander Gholamreza Soleimani. Iran has so far not confirmed Israel's claims.
Katz further added that he and Israeli Prime Minister Benjamin Netanyahu have instructed the Israeli Defense Forces to hunt down Iran's top leaders.
Despite Iran's military capacity reportedly reduced due to the ongoing war, Iran continues to fire missiles and launch drone attacks on neighboring Arab nations.
Qatar, Saudi Arabia, the United Arab Emirates, and Kuwait reported intercepting Iranian airstrikes.
Today, a fresh attack on the U.A.E. by Iran caused a fire in the port of Fujairah, halting oil loading.
Amid reports of U.S. plans to seize Kharg Island, which handles around 90% of Iran's oil exports, Iran issued a stern warning to U.S. President Donald Trump against doing so.
The Strait of Hormuz, which was blocked after the war began, remains closed.
Trump recently called on EU allies and other major nations who benefit from Middle Eastern crude oil to join with the U.S. in protecting the safe passage of vessels through the Strait of Hormuz. However, so far no other nation has responded positively to Trump's call.
Japan and Europe, which depend on Iran's oil, have called for utilizing diplomatic channels to resolve the crisis.
Though Trump criticized allies that are not helping the U.S. in securing the critical waterway, today he stated that the U.S. does not need anyone's help.
Meanwhile, the director of the U.S. National Counterterrorism Centre Joe Kent resigned his post.
Kent wrote on social media that he 'cannot in good conscience' back the Trump administration's war in Iran, which he claims was started by the U.S. under Israel's pressure.
In response, Trump stated that Kent's quitting is a 'good thing' and added that Iran was a threat to every country.
The war has pushed oil prices higher than anticipated over the past few days, which has revived fears of long-term inflation.
Central banks maintain the interest rates when inflation floats above normal and could even keep the rates higher for longer periods.
On the monetary front, the U.S. Federal Reserve is expected to hold rates at the current level at the end of its two-day meeting, which began today.
Other major banks of the world, including European Central Bank, Bank of England, and Bank of Japan, are likely to follow suit in the coming days.
Amid the ongoing Middle East war, economists are awaiting the reasons behind the policy decisions of these major banks to get clues on the near-term interest rate trajectory.
Since gold is a nonyielding asset that does not generate a fixed income like bonds or deposits, the yellow metal loses its attraction relatively over other safe-haven assets when inflation is higher.
Investors appear to lend more significance to the impact of monetary policies over geopolitical risks.
Data released by the Automatic Data Processing Research Institute revealed today that in the U.S., private employers added an average of 9,000 jobs per week in the four weeks ending February 28, a notable decline from the revised 14,750 jobs per week of the prior period.
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