Gold Jumps Above $4,080 as U.S.-Iran Strikes Stoke Haven Demand
Updated
Updated · Kitco NEWS · Jul 21
Gold Jumps Above $4,080 as U.S.-Iran Strikes Stoke Haven Demand
3 articles · Updated · Kitco NEWS · Jul 21
Summary
Spot gold climbed 1.83% to about $4,080.20 an ounce and silver surged 4.29% to $58.70, with bullion moving back above the $4,000 level after short covering accelerated the rebound.
U.S.-Iran strikes around the Strait of Hormuz, a tanker hit near the waterway and Houthi threats in the Red Sea kept safe-haven demand elevated even as Brent settled at $91.01 and WTI at $84.91.
That rally came despite a firmer dollar and higher Treasury yields, with the 10-year at 4.628% and September Fed hike odds still near 63%, leaving rate pressure as a check on further upside.
Technically, gold pushed through the $4,041.65-$4,072.40 retracement zone and silver reclaimed its 50-period moving average near $57.68, putting traders' focus on ceasefire headlines, Fed signals and Friday's flash PMIs.