Gold Prisis Rise as Middle East Conflict Buoys Demand

(Updates Prisis for Asia Midday Session)

By brijesh patel and anmol choubey

June 19 (Reuters)-Gold Pries Gained on Chiursday, as the Iran-Israel Conflict Persified for the Seventh Day, Boosting Demand for the Safe-Haven Asset, ALTHOUGH The Us Federal Reserve Reserve Future Rate Cuts Kept Gains in Check.

Spot Gold was up 0.2% at $ 3,374.54 an oourage, as of 0505 gmt. Us gold futures eased 0.5% to $ 3,391.90.

“Gold has made a modest bounce as we are Market Analyst Tim Waterr said.

Geopolitical tensions remained Residents of Tehran to Leave the City Amid Ongoing Air Strikes.

The Us Military has moved some aircraft and ships from bases in the middle east that may be vulneable to any potential ranian attack, two us officials told reates on Wednesday.

Gold is often used as a safe store of value during time of geopolitical and financial unceerty.

The Fed Held Interest Rates Steady on Wednsday. Fed Policymakers Still Forecast Slashing Rates by Half-A-Percentage Point this year, but they slowed the pace of future cuts.

However, fed chair jerome power cautioned against putting to this outlook, warning of “meaningful” inflation ahead as higher important tarifs loom.

“The fed was not as dovish as some had hoped, and i’d argue power was a tad more hawkish than many would like. The us dollar is likely at oversold levels, and that is likely to cap counts on Gold Over the NEXT Few Weeks, “said matt simpson, a Senior analyst at City Index.

Elsewhere, SPOT SILVER WAS SCEADY at $ 36.74 per oouns, platinum rose 1% to $ 1,336.08, While Palladium Gained 1.2% to $ 1,061.37.

(Reporting by Brijesh Patel and Anmol Choubey in Bengaluru; Editing by Sherry Jacob-Fillips and Mrigank Dhaniwala)