Gold prices rose on the first day of fasting

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News Desk: Gold prices rose again on Thursday in the global market. In the spot market, the price of gold increased by 0.7% to reach $5,012.83 per ounce, while U.S. gold futures for April delivery rose 0.4% to $5,031.20 per ounce, according to Reuters.

The price increase follows a gain of more than 2% in the previous session. Investors are turning to safe-haven assets amid ongoing tensions between the United States and Iran, while also evaluating the future monetary policy guidance of the Federal Reserve.

Market analysts note that geopolitical uncertainty generally boosts demand for gold, as investors move away from riskier assets toward relatively safer investments.

Meanwhile, expectations regarding future interest rate moves by the Federal Reserve are also significantly influencing the gold market. If interest rates are expected to decline, gold becomes more attractive; conversely, tight monetary policy puts downward pressure on prices.

Observers conclude that the current situation in the Middle East and indications from U.S. monetary policy are the primary drivers of the global gold market at present.