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Forecast For Gold Prices XAUUSD Rises on Cautious Market Sentiment and Targets $2,400

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Forecast For Gold Prices XAUUSD Rises on Cautious Market Sentiment and Targets $2,400
  • Gold prices rise as traders sell-off in response to worries about growing tensions in the Middle East.
  • Ayman Safadi, the foreign minister of Jordan, issued a warning, stating that an Israeli counterattack against Iranian strikes may potentially intensify the crisis over the whole region.
  • The US dollar’s decline is helping to fuel demand for yellow metal.

The price of gold bounces back from its recent lows, trading on Thursday during the Asian session at about $2,370 per troy ounce. Amid increased geopolitical tensions in the Middle East, traders are becoming more cautious, helping the safe-haven yellow metal gain ground.

According to Reuters, Israeli retaliation to Iranian strikes could carry a severe risk of engulfing the entire region in a catastrophic conflict, according to remarks made by Jordan’s Foreign Minister Ayman Safadi in an interview made public by state media on Wednesday.

In addition, the Israeli Air Force declared on Wednesday that its fighter aircraft had struck Hezbollah facilities in eastern Lebanon, north of Baalbek. There is growing concern that the escalation of violence between Israel and Hezbollah may continue.

JustMarkets

As Western nations urged moderation in reacting to a series of attacks from Iran, Israeli Prime Minister Benjamin Netanyahu declared that Israel would decide how to defend itself.

In the meantime, the mild decline of the US Treasury rate is the main factor affecting the US dollar index (DXY). For investors using other currencies, buying gold will become more affordable due to the drop in the US dollar.

In a speech on Wednesday, President of the Federal Reserve Bank of Cleveland Loretta Mester admitted that inflation had exceeded forecasts. She said that the Fed needs further certainty before verifying the sustainability of 2% inflation.

Furthermore, Fed Chair Jerome Powell stated on Tuesday that new data shows that inflation has not increased much this year and will take some time to hit the 2% target. This comment can indicate a hawkish view of the Fed’s impending monetary policy decisions. The demand for assets like gold that don’t yield returns could decline as interest rates rise.

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