Gold prices surged for the fourth consecutive day, fueled by safe-haven flows amid escalating geopolitical tensions. Discussions regarding potential US strikes on Iran's nuclear facilities, along with persistent concerns over the Russia-Ukraine conflict, drove investors towards the precious metal. Despite the US Dollar Index trading near multi-year highs, subdued Treasury bond yields provided additional support for Gold.
Gold price receives support from safe-haven flows as Joe Biden discussed contingency plans to strike Iran ’s nuclear facilities. The dollar-denominated Gold could struggle as the US Dollar Index trades around its multi-year high of 109.56, reached on Thursday. The non-yielding Gold could receive support as yields on US Treasury bonds remained subdued.
Meanwhile, the Israeli military maintained pressure on northern Gaza, carrying out strikes in a suburb of Gaza City on Wednesday, according to medics. Airstrikes in Shejaia, a suburb of Gaza City, killed at least eight Palestinians. The Israeli military has not yet commented, and the identities of those killed in the attack remain unclear. Gold price rises above nine-day EMA, reinforcing an up-leg scenario Gold price trades near $2,660.
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