Suggestions




·

Gold Surges Above $2,000 As US, UK Airstrikes Escalate Conflict In Middle East

January 12, 2024
by
Gold remains too hot to chase, too hot to short
Gold remains too hot to chase, too hot to short this year

In the wake of continued attacks by Iranian-backed Houthi rebels in the Red Sea, the Gold price has gone above $2,030 as the United States and the United Kingdom respond with airstrikes.

President Biden has warned of further measures, while geopolitical tensions and a weakening US Dollar fuel safe-haven demand.

President Biden states: “I will not hesitate to direct further measures to protect our people and the free flow of international commerce as necessary.” Japan supports airstrikes for safe passage near Arabian Peninsula.

READ ALSO: How United States’ Pivoting To Rate Cuts Is Raising Gold Prices

Mounting geopolitical risks, a potential US recession, and China’s economic concerns contribute to the US Dollar’s decline. Gold remains buoyant despite a brief spike in the Dollar following higher-than-expected CPI data.

Gold’s technical outlook shows strength, with support at $2,015 and resistance at $2,045. Geopolitical developments, US PPI data, and Fed speeches to shape Gold’s trajectory over the extended weekend.

Join our WhatsApp Channel
Emmanuel Ochayi
+ posts

Emmanuel Ochayi

Related Posts

Nearly Half Of U.S Citizens Seek Verdict On Trump's Election Subversion Charge As November Polls Approach 
Previous Story

You Have Your Own Agenda – Trump Rebukes Judge in Fraud Trial

Naira Vs Dollar: What To Expect This Week (2nd - 6th June 2025) 
Next Story

Naira Appreciates To N874 In Official Market Amid $2.25bn FX Support

Featured Stories

Related Posts

Latest from Business

The equity market closed in positive territory for the second time this week as stocks rose by 0.04%. Investors traded N15.07bn worth of shares.

NGX Closes With N220bn Gain As Traders Exchange N29bn Shares

The Nigerian Exchange (NGX) recovered from the loss recorded on Wednesday, March 4, with a N220.74 billion gain on Thursday, March 5, as the bourse’s market capitalisation grew to N126.31 trillion. According to the NGX, also known as the stock market, the
Rising Cost Of Drugs Takes Toll On Nigerian Patients As FX Scarcity Hits Hard

Mecure, Fidson… Five Largest Pharmaceutical Companies In Nigeria

The market valuation of the six pharmaceutical companies listed on the Nigerian Exchange (NGX), also known as the stock market, increased by N548.35 billion between January 2, 2025, and February 20, 2026, according to analysis by Prime Business Africa. Fidson Healthcare, Mecure

Nigeria Cooking Gas Price Jumps 40% Amid Us, Iran Crisis

Cooking gas prices in Nigeria have jumped about 40 percent amid the ongoing fighting involving the United States, Israel and Iran. Liquefied Petroleum Gas (LPG) now sells for about 1,400 naira per kilogramme at retail outlets in parts of Lagos, up from
Nearly Half Of U.S Citizens Seek Verdict On Trump's Election Subversion Charge As November Polls Approach 
Previous Story

You Have Your Own Agenda – Trump Rebukes Judge in Fraud Trial

Naira Vs Dollar: What To Expect This Week (2nd - 6th June 2025) 
Next Story

Naira Appreciates To N874 In Official Market Amid $2.25bn FX Support

Don't Miss

P Luton Liverpool x

Liverpool Forward Diaz Begs Kidnappers For Father’s Release 

Liverpool forward Luis Diaz on Sunday evening passionately pleaded with
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 1st July 2025

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 19th June 2024

What is the Dollar to Naira Exchange rate at the