Gold gains on ME concerns

Gold prices ticked up on Tuesday as tensions in the Middle East buoyed safe-haven demand for the metal, while speech from Federal Reserve Chair Jerome Powell later this week will be eyed for more clarity on the rate path, reports Reuters.

Spot gold was up 0.5 per cent at $1,928.59 per ounce by 9:51 a.m. ET (1351 GMT), and US gold futures rose 0.4 per cent to $1,941.50.

The conflict in Gaza continues to attract flows into gold, until there is some type of ceasefire or de-escalation of the conflict, gold is going to hover above the $1,900 range, said Everett Millman, chief market analyst at Gainesville Coins.

US President Joe Biden will make a high-stakes visit to Israel on Wednesday as Gaza's humanitarian crisis worsens.

Silver firmed 1.4 per cent to $22.90 per ounce, platinum rose 0.7 per cent to $897.04. Palladium was down 1.2 per cent to $1,130.22.