Gold price (XAU/USD) struggles for a direction in Wednesday’s London session.
Gold price is slightly up near $2,315 even though the US Dollar recovers sharply. Worsening Middle East tensions keep the downside in the Gold price supported. The US Dollar recovers after Fed Kashkari’s hawkish guidance on interest rates. Gold price struggles for a direction in Wednesday’s London session. The precious metal is stuck in a tight range slightly above the crucial support of $2,300. The yellow metal is up marginally by 0.10% despite a strong recovery in the US Dollar.
Israel is looking to extend its military activities to Rafah, the southern part of Gaza, where it believes that displaced Palestinians have been sheltered. The expectations of an Israel-Palestine truce soften after Israel denied the ceasefire proposal, which was agreed by Palestine. Historically, worsening geopolitical tensions improve demand for safe-haven assets, such as Gold.
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