Gold Wavers as Traders Weigh Inflation Risks, Oil-Supply Shock

Gold traded in a narrow range as traders weighed inflationary risks against attempts to contain an oil-supply shock arising from the war in the Middle East.

Bullion was steady near $5,000 an ounce, after posting a small loss on Monday. Oil advanced after its first decline in almost a week, as Iran stepped up attacks on energy infrastructure around the Persian Gulf and the US prepared to release the first tranche of emergency crude stockpiles.