Gold Price Surges to $2,390 an Ounce Amid US Treasury Yield Decline and Middle East Tensions

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Gold prices rose on Wednesday, approaching record highs, with the growing threat of an escalation of conflict in the Middle East, prompting investors to flock to the metal. valuable as a safe haven. A short-term decline in the value of the US dollar and US Treasury bond yields also contributed to supporting gold prices.
Gold in spot trade rose 0.3 percent to $2,389.38 an ounce, not far from an all-time high of $2,431.29 hit on Friday, while U.S. gold futures fell 0.1 percent to $2,405.10.
Lukman Otunuga, senior research analyst at FXTM, said: “The precious metal is looking overpriced from a technical point of view. .”
Dollar and 10-year Treasury bond yields fell from their highest levels in five months, making the price of the yellow metal in US currency less attractive to holders of other currencies.
Senior Federal Reserve (US central bank) officials, including Chairman Jerome Powell, refused to give any indication of when they will start cutting interest rates, and said: Monetary policy must remain under tension for a longer period of time.
As for other precious metals, silver in spot trade rose 1.4 percent to $28.47 an ounce, platinum rose 0.1 percent to $957.50, and palladium rose 0.8 percent to $1,021.43. (Reuters)