Gold price holds positive ground near $1,950 amid the escalating tension and cautious mood. The Fed officials reiterated their preference to maintain the interest rates. The escalating geopolitical tensions in the Middle East could lift safe-haven flows. ly in the precious metal is bolstered by the rising geopolitical tension in the Middle East, which boosts the safe-haven flows. Meanwhile, the US Dollar Index , a measure of the value of USD against six other major currencies, climbs to 106.55.
Furthermore, the geopolitical conflict between Israel and Hamas remains in focus. On Tuesday, Gaza authorities said an Israeli air attack on Tuesday killed 500 people at a hospital in the Palestinian territory, while Israel stated the damage was caused by a Palestinian attack. The escalating geopolitical tensions in the Middle East and the uncertainty in the market could boost the demand for a traditional safe-haven asset such as gold.
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