Gold prices rise during the U.S. trading session, but analysis suggests that the uncertain outlook of the Middle East situation may continue to support the dollar, putting pressure on gold prices.

Golden Finance reports that on May 5th, the market is focusing on the fragile ceasefire situation between the U.S. and Iran, as well as the impact of rising energy prices on inflation and interest rates, with gold prices rising during the U.S. trading session. Analyst Fawad Razaqzada stated: “Unless we see substantial progress toward stability in the Gulf region, high oil prices may continue to support short-term U.S. yields, thereby supporting the dollar. This combination is unfavorable for gold’s short-term outlook.” (Jin10)