Gold moves higher against the US Dollar (USD) on Tuesday, trading around $3,395 at the time of writing, bolstered by an escalation in the Israel-Iran conflict and rising safe-haven demand.
The US President Donald Trump stated in a post on Truth Social on Tuesday: "I have not reached out to Iran for ‘Peace Talks' in any way, shape, or form. This is just more HIGHLY FABRICATED, FAKE NEWS! If they want to talk, they know how to reach me." He added that Iran "should have taken the deal that was on the table — would have saved a lot of lives."
Markets reacted after Trump had earlier called for Iranian citizens to evacuate Tehran, warning of further strikes. Israeli Prime Minister Benjamin Netanyahu echoed the message as Israeli airstrikes continued targeting Iranian nuclear and military sites. On Tuesday, Iran's Revolutionary Guards confirmed new missile and drone attacks on Israeli positions. The growing risk of a full-blown regional war has sent XAU/USD climbing back toward $3,400.
Additionally, Retail Sales data from the United States (US) on Tuesday could provide an extra short-term catalyst for the precious metal. The report precedes Wednesday's Federal Reserve (Fed) interest rate decision.
Source : Fxstreet
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