Gold steadies following the previous day’s late pullback from $4,100 as reduced bets for a Fed rate hike keep the US Dollar on the back foot and support the non-yielding bullion. However, escalating US-Iran tensions keep the geopolitical risk premium in play and help the USD to hold above a multi-week low, touched after softer US consumer inflation figures on Tuesday. This acts as a headwind for the precious metal, warranting caution for aggressive bulls.
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