Gold surpasses $4,400 amid rising tensions
Gold prices have been heavily traded amid escalating tensions in the Middle East and rising demand for safe-haven assets, surpassing the $4,400 per ounce level for the first time in a while due to the dollar's decline and intensifying confrontation between the United States and Iran. Additionally, the rise in oil prices has raised concerns about inflation, which in turn is increasing pressure on the Federal Reserve to raise interest rates—something that could reduce gold's appeal as a safe haven. The market roughly estimates a 60% chance of a rate hike during the Federal Reserve meeting in mid-September, amid volatile movements in the gold market ahead of U.S. inflation data.
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