Gold surges above $4,650, hitting a three-month high
CommodityGeopoliticsMacro Impact 4
Gold prices continued to climb to their highest level in more than three months around $4,650, after gaining more than 5% last week amid safe-haven buying driven by tensions between the United States and Iran. US Treasury Secretary Scott Bessent is set to unveil details of a new sanctions package called Economic D-Day, while Iran has threatened that it may halt oil exports through the Strait of Hormuz. Markets are watching the US PCE index on Wednesday and remarks by Federal Reserve Chair Kevin Warsh at Jackson Hole on Friday, which will determine gold's next direction. If prices break through resistance at $4,685, they could test $4,700 to $4,725, while key support sits at $4,600 and then $4,530 to $4,505.
