Gold Steadies After Climbing to Weekly High Over Geopolitical Tensions - Forex News by FX Leaders
Gold - XAU/USD

Gold Steadies After Climbing to Weekly High Over Geopolitical Tensions

Posted Tuesday, January 21, 2020 by
Arslan Butt • 1 min read

Gold prices have steadied after soaring to a weekly high in the previous session over escalating geopolitical tensions following news of a missile attack in Yemen over the weekend. At the time of writing, GOLD is trading at a little above $1,566.

The safe haven appeal of gold remains supported over concerns of conflict in the Middle East after Houthi rebels launched a missile attack at a military training camp in Marib, Yemen on Saturday. Gold also remains supported over rising protests in Iraq and the military blockade in Libya due to a civil war breaking out between rebel factions.

Meanwhile, gold prices have been facing some pressure over a strengthening dollar, which shares a negative correlation with the precious metal. Strong economic data releases from the US have reduced the likelihood of the Fed cutting interest rates anytime soon, helping the greenback rise to its strongest levels so far in 2020.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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