Gold Wavers as High Energy Prices Threaten Fed Rate Path

Gold traded in a narrow range, hovering around $5,000 an ounce as the conflict in the Middle East entered a third week and investors weighed the inflationary impact of higher oil prices.

Bullion slid as much as 1% on Monday, following two consecutive weeks of losses. Elevated crude prices from the US-Israel war with Iran have put the metal under pressure, raising the prospect of fewer Federal Reserve interest rate cuts. Crude fell in choppy trading, with Brent settling around $100 a barrel.