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Gold prices surged to a three-month peak, breaching the $4,600 per ounce threshold and heading toward a weekly gain exceeding 5.6%. This impressive rally was primarily fueled by escalating geopolitical risks and heightened tensions in the Middle East, which drove strong safe-haven demand among global investors. The metal's upward trajectory remained resilient despite solid economic performance reported in the US services sector. A generally softer US Dollar provided additional support to commodity markets, allowing gold to absorb upbeat macroeconomic data without losing momentum. Market participants are keeping a close eye on geopolitical developments and energy market fluctuations, as continued escalation could further boost demand for precious metals. Traders will also monitor upcoming US economic indicators and Federal Reserve policy expectations to gauge the sustainability of this bullish trend.
