About this episode
Gold prices ticked up slightly today as investors weigh the latest Middle East developments, with hopes for a de-escalation between Iran and Israel. Despite this, gold is down nearly 2% this month, on track for its steepest drop since February 2023. Israel conducted strikes on Iran today, but Tehran downplayed the attacks and showed no signs of retaliation. Traders view gold as a safe haven during tension, and experts believe the low risk of further escalation keeps gold prices supported. However, strong US economic data and a tight job market have eased pressure on the Fed to cut interest rates, which negatively impacts gold as lower rates make it less attractive. US gold futures rose 0.4% to $2,190.80. Gold is stuck in a range of $2,150 to $2,200, awaiting a catalyst for a breakout. Silver, platinum, and palladium also gained today, riding the same cautious sentiment as gold.
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