Gold Rebounds Above $4,100 as Falling Oil Weighs on US Dollar
Gold (XAU/USD) rose over 1.3% during the North American session on Thursday, climbing back above $4,100 as a retreat in oil prices pressured the US dollar amid easing Middle East tensions.
Gold (XAU/USD) advanced during the North American session on Thursday, gaining more than 1.30% as the US Dollar weakened. The move came as oil prices fell on reports of de-escalation in the Middle East, reducing safe-haven demand for the dollar.
The pair traded at $4,132 after bouncing from weekly lows near $4,021. The drop in oil prices weighed on the dollar index, providing a tailwind for gold, which is priced inversely to the greenback. Market participants continue to monitor geopolitical developments and energy market shifts for further direction.
Source: FXStreet Forex News