Earlier this week, gold prices saw a 3% drop from $2,721 as a ceasefire deal between Lebanon and Israel reduced immediate geopolitical tensions in the Middle East. This truce has eased concerns of broader escalation, leading to a stabilization of gold prices around the $2,630 range. Despite this, strong buying interest persists at lower levels, demonstrating that investors still regard gold as a reliable hedge against market uncertainty.
Gold has entered a sideways trading range with volatility subsiding. However, the ongoing Russia-Ukraine conflict and potential escalations in the Middle East keep the geopolitical risk premium relevant, meaning that any shift in tension could quickly push gold prices higher from their current levels.
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