Gold set for first monthly gain in five months amid US-Iran tensions

Gold was on track Wednesday to post its first monthly gain in five months, as investors monitored the fallout from the US-Iran conflict and assessed Federal Reserve signals on inflation and the outlook for interest rates.

Spot gold dipped 0.2% to $4,096.29 per ounce, but remained on course for a weekly gain of 1.1%.

US gold futures for August delivery edged up 0.1% to $4,094.10 per ounce.

Stability and shifts in other precious metals

Spot silver was steady at $58.98 per ounce, while platinum fell 1.3% to $1,638.97 and palladium slipped 0.2% to $1,301.94.

Investors continue to watch geopolitical and economic developments to gauge market direction in the coming period.