Gold prices maintained their positive bias above the $3,300 mark, rising nearly 1% on Wednesday (5/21), hitting their highest level in more than a week, as a weaker dollar and US fiscal uncertainty amid Congressional debate on a broad tax bill boosted demand for safe-haven assets. Source: Newsmaker.id
Gold prices rose for a third straight session on Wednesday (5/21) as geopolitical risks rose following a report that Israel planned to strike Iran's nuclear facilities while the dollar weakened. Israel is preparing to strike Iran's nuclear infrastructure, CNN reported Tuesday, citing US intelligence officials. The report noted that officials did not know whether Israel had made a final decision to go ahead with the strikes, which could further destabilize the volatile Middle East. Source: Newsmaker.id
Gold prices continued their rise in the early Asian session on Wednesday (05/22) when this news was released, gold prices moved in the $3322 area, this was accompanied by several fundamental factors because investors were likely to switch from government bonds to precious metals. The global bond market is shaky, with traditional safe haven assets such as gold strengthening. There are also growing concerns over the US fiscal outlook "If all else is equal, that means higher demand for haven assets," from the geopolitical side of Israel and Iran also support demand for safe haven...