Gold price (XAU/USD) balances below $2,400 in Wednesday’s European session.
Gold price struggles for a direction as the Fed ’s “higher for longer” interest-rates stance offsets safe-haven demand. Fed Powell supports keeping interest rates at high levels until there is confidence that inflation will ease to 2%. The US warns about sanctions on Iran in response to their attack on Israel. Gold price balances below $2,400 in Wednesday’s European session.
Iran aimed hundreds of drones and missiles at Israel in response to their attack on the Iranian embassy near Damascus in Syria, in which two high-ranked generals were killed. The appeal for Gold as a safe-haven asset strengthens when investors see geopolitical tensions worsening further. Meanwhile,Fed policymakers are lined up to provide fresh guidance on interest rates this week.
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