Analysts have predicted a stable short-term future for gold prices on July 24 2006 as political tensions in Middle East ease down.

Political tension in middle east due to conflict between Lebanese militants and Israeli forces led to fears that neighboring oil barons would become involved in the battle, which would hike the oil prices which in turn would shoot up price of gold.

However, the involvement of several peacemakers in recent days have suppressed fears that the troubled region was set for a massive economy slow down as neither side appeared to have too many supporters.

On Monday, July 24 gold was trading at around $612 an ounce and would remain steady at this price, provided there was no further tension in the reason, market analysts said.