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Gold Price Jumps Further On Deepening Middle East Tensions.
Gold demonstrated resilience in the face of geopolitical tensions, settling up by 0.13% at 62447 amid the escalating Middle East crisis.
The catalyst for this upward movement was the pledge by US President Joe Biden to retaliate against unmanned aerial drone attacks on US service personnel near northeastern Jordan, near the Syrian border.
This geopolitical uncertainty has traditionally driven investors towards safe-haven assets like gold. However, the precious metal’s future trajectory appears uncertain as investors eagerly await the Federal Reserve’s (Fed) interest rate decision, scheduled for Wednesday. The Fed to maintain interest rates in the 5.25%-5.50% range, citing consistently easing price pressures.
