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

Nestle Invests Over ₦1.8bn in Dairy Development, Unveils Demonstration Farm 

Nestlé Nigeria Returns to Profit as Naira Stabilises

Nestlé Nigeria has returned to profit after two years of losses, helped by a more stable exchange rate and stronger sales. The company reported a net profit of 105bn naira ($) for 2025, compared with a post-tax loss of 164.6bn naira the

Aston Martin to Cut 20% of Workforce Over Rising Losses

British luxury carmaker Aston Martin has announced plans to reduce its workforce by up to 20 percent, following widening annual losses linked to US tariffs and weak demand in China. The cuts will affect around 600 employees, out of the company’s 3,000-strong
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

Man City Plans Increase In Etihad Stadium Capacity Above Emirates, Anfield 

Premier League champions, Manchester City are set to begin work
Nomba Secures $30m Pre-Series B Funding Round To Deliver Payment Solutions For African Businesses

Nomba Secures $30m Pre-Series B Funding Round To Deliver Payment Solutions For African Businesses

Highlights – Nomba has raised $30 million in a Pre-Series