Gold's increase today reflects a resurgence in demand following the People's Bank of China resuming its bullion purchases, offsetting easing geopolitical tensions and strong U.S. economic data.
China's increased bullion holdings, now at 72.96 million ounces, represent a shift back to accumulation after months of stagnation, influencing the gold market positively.
The recent strong labor market data from the U.S. may complicate gold’s bullish trend, as a stronger dollar and potential interest rate cuts are cautiously balanced.
Geopolitical factors have shifted, particularly in the Middle East, where reduced threats from Iran have impacted gold’s status as a safe haven investment.
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