Gold rises as Israel-Iran fighting, Trump's evacuation call spark demand
Ammon News - Gold rebounded on Tuesday as heightened geopolitical uncertainty stemming from Israel-Iran fighting and U.S. President Donald Trump's call to evacuate Tehran led investors to seek safe-haven assets.
Spot gold rose 0.3% to $3,392.29 an ounce as of 0601 GMT, after dropping more than 1% on Monday.
"Market sentiment continues to swing between escalation and de-escalation regarding events in the Middle East, and these back-and-forth sentiment shifts are what is driving the gold price's moves either side of the $3400 level," KCM Trade Chief Market Analyst Tim Waterer said.
The fifth consecutive day of fighting between Israel and Iran saw Israel strike Iran's state broadcaster on Monday, while the head of the U.N. nuclear watchdog reported extensive damage to Iran's largest uranium enrichment facility.
The Fed is expected to hold rates steady but the focus yet again will be on the path its Chair Jerome Powell charts out for future rate cuts. Traders are currently pricing in two cuts by this year-end.
Elsewhere, spot silver was up 0.3% at $36.43 per ounce, platinum was unchanged at $1,245.55, while palladium held steady at $1,029.08. Reuters
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