Gold Rises Amid Rising Geopolitical Tensions

Gold prices achieved an increase during early trading on Thursday, amidst tensions in the Middle East and optimism regarding potential cuts to U.S. interest rates. Traders are awaiting economic data for indications on the course that the Federal Reserve (the U.S. central bank) will take. The safe-haven asset in spot transactions rose 0.3 percent to $2389.42 per ounce by 03:31 Greenwich Mean Time, while U.S. gold futures declined 0.2 percent to $2428.40. Kelvin Wong, senior market analyst for the Asia-Pacific region at OANDA, stated that the long-term market fundamentals appear supportive of gold, including geopolitical tensions in the Middle East and the downward trend in U.S. Treasury yields. Iranian President Masoud Bezhakyian told his French counterpart Emmanuel Macron that Iran will not remain silent in the face of aggression, amidst fears of an escalation in the conflict in the region following the killing of Ismail Haniyeh, head of Hamas's political bureau, in Tehran last week.