Commodities Analysis by James Picerno covering: XAU/USD, US Dollar Index Futures, Gold Futures. Read James Picerno's latest article on Investing.com
Everyone’s favorite precious metal is red hot this year, rising nearly 27% through Friday’s close . Gold’s rally beats the strong runup in US stocks as well as rallies in theThe Federal Reserve started lowering interest rates last week, and more cuts are expected. The reasoning: the war on inflation, if not yet won, is approaching that milestone. Or so Fed Governor Waller advises.
Rising risk in the Middle East is on the short list of possible/likely factors behind gold’s strength. The latest escalation in the conflict between Israel and Lebanon’s Hezbollah raises the threat of an all-out war over the Lebanese-Israeli border. Add in the potential for political turmoil in the US in what may be a contested US presidential election in November and it’s easy to see several events that may persuade investors that gold’s safe-haven reputation is looking increasingly attractive.
“Geopolitical risks, such as ongoing conflicts in Gaza, Ukraine, and elsewhere, will ensure to sustain gold’s safe-haven demand,” Forex.com analyst Fawad Razaqzada writes in a note to clients.
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