Gold edges higher near $4,400 as softer dollar offsets Middle East inflation risks

Gold prices edged higher on Monday, holding near $4,400 an ounce, as a weaker U.S. dollar and softer economic data supported bullion, while lingering uncertainty around Middle East energy supplies kept inflation risks in focus. The U.S. Dollar Index fell 0.2% to 99.49, while gold entered the new week after ending the previous week nearly 1% higher.

ANZ analysts expect gold’s performance over the next year to develop in three stages, with near-term pressure from persistent inflation and a Fed that remains on hold, followed by an economic slowdown caused by an energy shock, and eventually stronger support from monetary easing.

Brief written by urgent.news from Investing.com's own syndicated text. Machine-written — may contain errors; check the original before relying on it.