Gold Prices Climb A US-Iran Tensions Escalate
(RTTNews) - Gold edged above $5,000 an ounce on Friday as rising U.S.-Iran tensions fueled safe-haven demand for the precious metal.
Spot gold jumped 0.7 percent to $5,032.83 an ounce while U.S. gold futures were up 1.11 percent at $5,052.75.
U.S.-Iran tensions intensified after U.S. President Donald Trump warned Tehran that it had a "maximum" 15 days to reach a deal with the U.S. or "bad things will happen".
With potential U.S. military action looming, Iran has warned that U.S. bases in the Middle East could be "legitimate targets" if Washington attacks.
The dollar surged to a one-month high as investors waited for key U.S. economic data that could have a significant impact on the outlook for interest rates.
Later in the day, the U.S. government will issue its first estimate of gross domestic product for the fourth quarter, a period that included the longest-ever federal government shutdown.
Services PMI and personal income data will also be in the spotlight along with other reports on new home sales and consumer sentiment.
An uptick in the Core PCE Price Index, the Fed's preferred inflation gauge, may temper expectations of a June Fed rate cut.
A pivotal U.S. Supreme Court ruling on the legality of Trump's signature tariffs is also expected later in the day.
