Gold prices rise above $4,700 as geopolitical risks in the Middle East drive investors toward the USD and safe assets.
Gold (XAU/USD) extended gains on Thursday, trading at $4,705 amid renewed geopolitical tensions in the Middle East. Reports of potential U.S. military actions in the Strait of Hormuz fueled demand for safe-haven assets, lifting the precious metal to a daily high near $4,705.
The move follows a period of relative stability for gold, which had struggled to break above $4,700 in recent sessions. Heightened uncertainty in the region often drives investors toward the U.S. dollar and gold as hedges against volatility.
Markets remain cautious as developments unfold, with gold’s upward momentum reflecting broader risk aversion.