Gold advances to $4,368 on Middle East escalation and softening dollar

Gold prices pushed higher on Wednesday, September 9, propelled by intensifying geopolitical conflict in the Middle East and a weaker U.S. dollar, as investors awaited fresh U.S. inflation data. 

Spot gold climbed 0.3% to trade near $4,368 per troy ounce. A retreat in the greenback toward a two-week trough enhanced bullion's appeal for non-dollar buyers. Haven demand drew strong support from escalating hostilities across the region, where Houthi strikes hit Saudi urban centers, U.S. forces targeted Iranian oil tankers, and Iran struck an American base in Jordan. 

Concurrently, rallying crude prices have fueled broader inflationary concerns ahead of Friday’s crucial U.S. consumer price index release. In parallel precious metal trade, spot silver hovered around $66 per ounce, with recent spot bids consolidating in the $65.90–$66.00 range.

N.Tebrizli