geopolitical tensions
Gold Repesentative Image by Getty Images
| April 7, 2024, 7:16 a.m.
Gold Hits Record High at $2330 Amid Middle East Tensions and Fed Rate-Cut Hints
Gold closed at a record high of $2330 amidst escalating Middle East tensions, positive US economic data, and hints of potential rate cuts by the Fed Chair. Despite surging yields and steady US Dollar, gold rallied for the third straight week, posting significant gains driven by geopolitical uncertainties. The upcoming US CPI data and FOMC minutes will be crucial for market direction, with resistance at $2360/$2400 and support at $2300/$2250/$2200.
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