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

Tinubu Constitutes Taskforce to Revamp Petroleum Industry

President Bola Tinubu has inaugurated a Presidential Petroleum Reform and Value Optimisation Taskforce to plan the next stage of reforms in Nigeria’s petroleum sector. Mr Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation, was appointed chairman of

Investigation Reveals 23 Damaged Components on Arik Air Flight

Nigeria’s air accident investigators said a passenger aircraft operated by Arik Air suffered damage to at least 23 components after an abnormal engine incident during a flight in February. In a preliminary report released on Friday, the Nigerian Safety Investigation Bureau said
Why CBN Retained Bencmark Interest Rate At 27.5%

CBN Directs Banks to Deny Debtors New Loans

Central Bank of Nigeria has directed commercial banks to deny additional credit and certain banking services to large borrowers with non-performing loans, in a move aimed at strengthening credit discipline and reducing financial risks in the banking system. In a letter dated March 12,
Bulls Charge Ahead As NGX Shatters Records As Market Cap Surpasses N50trn

RT Briscoe Tops NGX Losers’ List, Guinness Among Gainers

The market capitalisation of the Nigerian Exchange (NGX) was N127.36 trillion on Friday, March 13, while the all-share index (ASI) closed at 198,407.3 ASI. Equity investors traded 591.04 million shares in 53,066 deals, valued at N35 billion on Friday. Top five gainers
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

Real Madrid Sign Mastantuono From River Plate For £38.5m 

Real Madrid on Friday completed the signing of River Plate
After The Protests And Beyond Bad Governance

#EndBadGovernance: Tinubu Regrets Deaths In Kano, Kaduna, Jigawa, Borno States

Nigeria’s President Bola Tinubu has expressed regret over the unfortunate