Gold Continues to Hover Around $5,000 as Oil Surges

Gold wavered as the conflict in the Middle East entered a third week and investors weighed a softer dollar against continued threats to global oil supplies.

Uncertainty over how long the war will last makes it difficult to assess the impacts on markets and the wider economy.

Bullion traded on either side of $5,000 an ounce, falling as much as 1% before paring losses, Rian Howlett reported for Yahoo Finance.

The metal steadied after dropping for a second straight week, under pressure from rising energy prices and inflationary concerns arising from the US-Israeli war with Iran.

Crude erased early gains at one point in the week, and a gauge of the dollar slipped, helping to support commodities priced in the US currency.

Uncertainty over how long the war will last makes it difficult to assess the impacts on markets and the wider economy. An aide to US President Donald Trump said the conflict could last four to six weeks, while both sides have given mixed signals.

Trump said Iran wants to make a deal but that Washington wants better terms, while Tehran said it hasn’t asked for talks or a ceasefire.

Uncertainty over how long the war will last makes it difficult to assess the impacts on markets and the wider economy. An aide to US President Donald Trump said the conflict could last four to six weeks, while both sides have given mixed signals.

Trump said Iran wants to make a deal but that Washington wants better terms, while Tehran said it hasn’t asked for talks or a ceasefire.