Gold price is retracing a small portion of Friday’s massive surge to the highest level in three weeks at $1,933. The United States Dollar (USD) stays
Gold price reverses after breaking through all key moving averages on Friday. US Dollar stays defensive, Israel-Hamas war supports Gold price but focus remains on bond yields. Gold price closed the week above the critical 200 DMA, where is the safe-haven headed next? on the defensive while the US Treasury bond yields tick higher, as investors take account of the ongoing Israel-Hamas conflict and fresh developments over the weekend.
Meanwhile, the United States and its allies stepped up their efforts to contain Hamas-Israel, as they remain concerned about a potential Iranian intervention in the conflict. In response, Iran’s Foreign Minister Hossein Amir Abdollahian warned, “Iran will not remain an observer in this situation and has informed Israel via its allies if its crimes in Gaza continue 'tomorrow will be too late'.
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