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EsGold climbs as Middle East risks lift safe-haven demand
Gold climbed 1.3% to $4,132.79 an ounce at 02:08 ET Wednesday amid Middle East tensions, higher oil and a firm dollar, as investors looked ahead to next week’s Federal Reserve meeting.
Gold climbed 1.3% to $4,132.79 an ounce at 02:08 ET on Wednesday as renewed fighting in the Middle East boosted demand for perceived havens and investors weighed higher oil prices and the Federal Reserve’s meeting next week.
The gain added to a nearly 2% rise in the prior session. Traders watched risks to energy flows near the Strait of Hormuz and the Red Sea, which kept crude above $90 a barrel and kept attention on inflation ahead of the Fed’s decision. Market expectations continued to point to rates being left unchanged.
The metal advanced even as the U.S. dollar firmed and Treasury yields edged higher, conditions that can pressure non-yielding assets. Gold futures were up 1.5% to $4,137.09. Silver increased 1.5% to $59.71 an ounce.
“Gold finished higher overnight, brushing off the headwinds of a stronger U.S. dollar and rising yields,” noted Tony Sycamore, a market analyst at IG. He pointed to cleaner retail positioning and renewed interest in gold’s defensive role.
From a technical view, Sycamore highlighted a developing base near the late-June low around $3,942. He marked downtrend resistance near $4,120 and the early-July high around $4,202 as levels that, if cleared, would reinforce a recovery path toward the 200-day moving average near $4,494. He characterized IG’s stance as cautiously bullish while prices remain above $3,942.
Geopolitical headlines stayed in focus. U.S. forces carried out an 11th straight night of strikes and Iran launched retaliatory attacks, while Washington indicated it remains open to talks with Tehran. Disruptions and threats around major shipping corridors kept energy markets tight and inflation expectations in view for rate watchers.
Silver also extended gains after jumping more than 4% in the previous session. Investors are watching next week’s Fed statement and projections for signals on whether officials view energy-related price pressures as persistent enough to keep policy restrictive.
