Gold Backtracks as Middle East Tensions Ease Following Strikes

Gold edged lower as geopolitical tensions eased in the Middle East, paring haven demand, and traders looked ahead to US data that will shed light on the outlook for monetary policy.

Bullion traded just below $2,377 an ounce after a five-week rally, the longest such streak in more than a year, during which prices hit a record. While Israel and Iran have traded strikes, raising concerns about an all-out-war in the region, Tehran has played down the impact and significance of Israel’s recent attack, and also dismissed the low success rate seen in its own assault.