Gold rises on Middle East tensions, US interest rate outlook

Gold prices rose on Thursday amid Middle East tensions and optimism over a US interest rate cut, as traders awaited economic data for clues on the path the Federal Reserve will take.

The safe-haven metal was up 0.3% at $2,389.42 an ounce by 0331 GMT, while US gold futures were down 0.2% at $2,428.40.

Kelvin Wong, senior market analyst for Asia-Pacific at OANDA, said longer-term market fundamentals appeared supportive of gold, including geopolitical tensions in the Middle East and the downward trajectory of US Treasury yields.