Gold climbs from 1-month low as dollar eases

Gold prices jumped on Thursday as the dollar eased and oil prices ticked lower, with some analysts also pointing to an uptick in safe-haven demand on growing concerns that the US-Iran war could escalate, reports Reuters.
Spot gold climbed 1.9 per cent to $4,629.83 per ounce, as of 1158 GMT, after falling to its lowest since March 31 in the last session. Bullion was down about 0.9 per cent so far this month.
US gold futures for June delivery rose 1.8 per cent to $4,642.90.
The dollar fell sharply against the yen as Bank of Japan officials sent firm signals about possible intervention to support the Japanese currency. A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.
"Certainly some sense of uncertainty in the Middle East is fueling something of a recovery in gold. From the strength of the recovery at the moment, there was also some suggestion that the price seems to have found for now a temporary floor," said independent analyst Ross Norman. US President Donald Trump is slated to receive a briefing on Thursday on plans for a series of military strikes on Iran, according to an Axios report. Brent prices hit four-year highs on concerns of escalation, before reversing course to turn negative.
Gold has so far fallen about 12 per cent since the conflict began. Although the metal is viewed as a safe-haven during times of uncertainty, rising energy prices have stoked fears of inflation and the prospect of higher interest rates, which would weigh on the non-yielding metal.