Gold prices were broadly flat after a sharp drop in the previous session, as
investors tracked developments in the Middle East. New York futures traded at
$4,405.50 an ounce, but remained down nearly 12% for the week. Saxo Bank
analysts said the conflict is triggering a broad macro shock, forcing markets to
reprice inflation, rates, growth and liquidity. Gold is being sold as one of the
few liquid assets still holding gains over the past year, while elevated energy
prices are stoking inflation concerns and weighing on rate-cut expectations.
