- The price of Gold rose as risk aversion intensified following reports that Israeli missiles hit a site in Iran.
- The Iranian news agency Fars News reported explosions at the central airport in Isfahan.
- The rise in the US dollar could limit the advance of gold prices.
The price of Gold rose to $2,417 per troy ounce during the Asian session on Friday. The safe-haven yellow metal gains ground as risk aversion sweeps financial markets following ABC News' confirmation that Israeli missiles hit a site in Iran, exacerbating tensions in the Middle East. In the European morning, the XAU/USD price has returned below $2,400.
According to Reuters, citing the Iranian news agency Fars News, locals reported hearing explosions at Isfahan's central airport. However, the cause of these explosions remains unknown. Investigations are ongoing to determine the exact details of the incident.
On the US Dollar front, Federal Reserve (Fed) officials delivered hawkish messages on Thursday, triggering a rally in US Treasury and Gold yields, consequently curbing the bullish momentum of assets that are not They generate returns, like Gold. The strength of the Dollar makes bullion more expensive for holders of other currencies.
Atlanta Fed President Raphael Bostic highlighted that US inflation is excessively high and stressed that the Fed still needs to make progress in the fight against inflation. For his part, New York Fed President John Williams stressed the Fed's commitment to relying on data and expressed that he currently sees no immediate need to lower interest rates.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
