Gold edged higher as US-led airstrikes on Houthi rebel targets in Yemen boosted haven demand.
The military action against the Iran-backed group followed a string of attacks on vessels in the Red Sea. The strikes mark a significant escalation of fighting in the Middle East, which started with the Hamas attack on Israel in early October, and could push bullion higher if the conflict spreads.
The Houthi rebel group vowed to continue targeting Israeli ships and any vessels heading toward the country. Houthi militants carried out an initial response to US, UK strikes and will expand it “very soon,” group’s spokesman Mohammed Abdulsalam said without providing further details on reaction.
The precious metal is still on track for a weekly loss, however, after US inflation came in faster-than-expected in December, which may delay the Federal Reserve’s pivot to lowering borrowing costs. Swaps markets are pricing in a lower chance of rate cuts by March, relative to the end of last year. Higher borrowing costs are typically negative for gold, which doesn’t offer any interest.
“A further uptick in geopolitical risk in the Middle East, plus a slow grind downwards in the US 10-year Treasury real yield below 1.82%, is likely to support a bullish tone in spot gold with a near-term resistance to watch at $2,060,” said Kelvin Wong, senior market analyst at Oanda Asia Pacific Pte.
Spot gold is still well supported at the 50-day moving average that is acting as a key near-term support at $2,015, he added.
Gold rose 0.4% to $2,036.71 an ounce as of 7:41 a.m. in London, to be down 0.4% for the week. The Bloomberg Dollar Spot Index was flat. Silver, platinum and palladium all climbed.
Federal prosecutors say the scheme used fake investment accounts and a fictitious financial advisor to lure victims into romance-fueled fraud.
Morgan Stanley sought to claw back recruiting bonus money from Darryl Cohen.
Referrals from centers of influence may open the door, but the real key to success for advisors comes from clarity about their ideal clients and where they want to show up.
Three advisor groups overseeing more than $700M in combined client assets head to new firms.
New research finds most Americans fear a US retirement crisis, while skepticism grows toward AI financial advice and crypto in retirement plans.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
