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#🛡️Gold analysis: dual support from geopolitics, US dollar and yields
🌍 **The escalation of geopolitical conflicts in the Middle East is a strong support for safe-haven demand (key driver):**
The conflict between the United States, Israel, and Iran has entered its eighteenth day. There is currently no sign of a ceasefire, and the situation continues to escalate.
🌍 **The escalation of geopolitical conflicts in the Middle East is a strong support for safe-haven demand (key driver):**
The conflict between the United States, Israel, and Iran has entered its eighteenth day. There is currently no sign of a ceasefire, and the situation continues to escalate.
Iran confirmed the killing of Ali Larijani, secretary of the Supreme National Security Council and commander of the Basij militia.
The Iranian Revolutionary Guards announced that its attacks on the United States and Israel have entered an “accelerated” stage and launched the 59th wave of counterattacks.
The United States and Israel continue to carry out air strikes against Iran, and the Israeli military targeted more than 200 Iranian targets in one day.
The Strait of Hormuz is unlikely to return to its pre-war status, growing concerns about global energy supplies and global demand for safe-haven assets remain high, pushing gold prices higher.
As a major safe-haven asset, gold continues to be supported by investor buying.
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The U.S. dollar index fluctuated and retreated, and U.S. bond yields fell slightly, easing the downward pressure on gold prices.
The U.S. dollar index closed at 99.31 yesterday. Although it rebounded slightly to 99.90 at the opening today, it is still at a low level, posing concussive downward pressure on gold prices. Gold remains attractive in dollar terms.
The yield on the 10-year U.S. Treasury bond fell slightly by 1.75 basis points to 4.2004%, slightly reducing the cost of holding gold and providing weak support for the recovery of gold prices.
Together, these two factors have alleviated some of the downward pressure.
