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Gold rises above $2,030 as Mid East tensions flare again

The last time I reported on Gold I said the metal looked likely to test the $2,000 mark and that is what it did. Gold fell to a new 2024 low at $2,001.88 on January 17, after the European close that day. The rebound that followed saw Gold rise to a high at $2,039.40 on January 19. However, since then it has failed on two further occasions to get past $2,040. That failure delivered a fall to $2,010.40 last Thursday. The metal failed to make it above $2,030 on Friday (2,026.62 the high) and later closed at $2,018.52. The main problem for Gold at the back end of last week was the rebound in US yields and the USD/JPY. The surge in equity markets last week almost certainly had a dampening impact on demand too. However, a degree of fresh risk aversion has emerged over the weekend, with the further attacks on US interests in the Red Sea and the Syrian border. That has helped to lift gold above $2,030 this time. The metal is just now on session highs, currently trading at $2,031.30

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