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

January 12, 2024
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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.

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Emmanuel Ochayi
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Emmanuel Ochayi

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