As geopolitical tensions continued to escalate, gold prices hit a record high of $2,417, but gold prices failed to maintain their bullish trend and reversed back to around $2,380. Reports of Iranian military action, coupled with recent retaliatory attacks by Israel, have bolstered gold's status as a safe-haven asset, sending prices higher as investors seek stability.
The surge in gold prices has been largely driven by ongoing conflicts in the Middle East, which continue to stoke fears of conflict in the wider region.
Further impacting gold pricing is the Federal Reserve's current stance on interest rates.
The outlook for gold remains bullish above the pivot at $2,363.79 and any move below this level could lead to a sharp decline in gold prices.
The surge in gold prices has been largely driven by ongoing conflicts in the Middle East, which continue to stoke fears of conflict in the wider region.
Further impacting gold pricing is the Federal Reserve's current stance on interest rates.
The outlook for gold remains bullish above the pivot at $2,363.79 and any move below this level could lead to a sharp decline in gold prices.