Gold traded around 4,080 USD per ounce on Wednesday, having risen nearly 2% the previous day. Investors continue to assess developments in the Middle East and the impact of elevated oil prices on inflation and interest rates.
XAUUSD (the Gold) remains choppy XAUUSD (the Gold) saw a lift as the yellow metal moved away from the critical 4000 support. As the market remains volatile, with all eyes on Iran's next move, prices look to break the 4100 level.
Gold: Safe-haven demand offsets energy risks – ING
Gold and silver rally ahead of the Fed and ECB meetings as central bank buying and industrial demand support precious metals. Explore today's outlook.
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Gold's rally this week may prove to be one of the more important developments across financial markets—not simply because prices have reclaimed the $4,100 level, but because the move appears to contradict the macro forces that have governed precious metals for much of the second quarter. Silver has joined the advance, climbing back toward $60, even as Brent crude trades above $92, US Treasury yields continue rising and markets price in an more hawkish Federal Reserve.
Oil prices climbed higher as the Middle East conflict escalated further into an 11th consecutive night of exchanges between US and Iranian forces, with strikes hitting military, energy and gas infrastructure across several Iranian cities and reports of Iranian drone and missile attacks on US bases in the Gulf.
The 4-hour chart of XAU/USD indicates that the price cleared a key bearish trend line with resistance at $4,035. It climbed above the 38.2% Fibonacci retracement level of the downward move from the $4,202 swing high to the $3,959 swing low.
Gold rebounds above $4,050 as safe-haven demand intensified on persistent US‑Iran tensions