Gold Holds Steady Amid Rising U.S.-Iran Tensions

Gold prices persisted at stable levels on Thursday as investors kept a close watch on escalating U.S.-Iran tensions. Simultaneously, a decline in U.S. jobless claims suggested stability in the labor market just before crucial inflation data set for release later this week. Spot gold maintained its value at $4,980.32 per ounce by 09:16 a.m. ET.

According to Daniel Pavilonis, senior market strategist at RJO Futures, the market is experiencing volatility, yet the broad outlook remains bullish. While tensions with Iran bolster gold's appeal as a safe-haven asset, potential downturns could be driven by extraneous factors.

U.S. national security officials convened at the White House to deliberate on Iranian matters, noting the strategic positioning of U.S. forces. The geopolitical climate and economic indicators, including the Federal Reserve's inclination towards interest rate cuts, are influential in determining gold's path as a secure store of value.