Gold steady as Middle East truce and inflation worries weigh on markets

BAGHDAD, Iraq — Gold prices were little changed on Tuesday as investors tracked uncertainty around a partial ceasefire declared in Lebanon between Hezbollah and Israel and watched for developments in U.S.-Iran talks. Spot gold held at $4,484.49 an ounce at 00:48 GMT, while U.S. gold futures rose 0.2% to $4,514.30. Traders are also waiting for this week’s nonfarm payrolls data and a labor report, while monitoring comments from Federal Reserve officials. Those signals could help shape expectations for U.S. interest rates, which typically influence demand for bullion. Market concerns about inflation remained in focus, with tensions in the Middle East seen as a possible driver of price pressure. The combination of geopolitical uncertainty and upcoming U.S. economic data kept gold trading in a narrow range. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3% to 938.03 tons last Friday.