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.
A Nationwide survey finds 47% of GLP-1 users have never discussed the drugs’ financial impact with an advisor, even as many dip into savings.
The hundreds of millions of dollars from a sale of Inspired Healthcare properties does not mean an immediate windfall for investors.
Its SEC filings said one thing - a congressional probe said another.
Sham agreements allegedly padded revenue by 345%.
"Most pre-retirees are uncomfortable making key retirement income decisions without an advisor's help," said Chris Bailey of Cerulli.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
