Institution: Uncertain Middle East conflict outlook puts pressure on gold prices

Golden Ten Data reported on March 11 that gold prices declined in early trading but remained stable around $5,200/ounce, as investors continued to digest mixed signals from the Middle East conflict. In the previous trading session, gold prices closed higher, boosted by a weaker dollar and falling oil prices easing inflation concerns. Analysts at ANZ Bank stated: "However, developments continue to cloud the outlook for U.S. interest rate cuts. This has led investors to persistently withdraw gold from ETFs." Currently, traders are awaiting the release of U.S. inflation data tonight for more clues on the interest rate outlook.