Gold Price News: Gold price stabilizes at USD 2,735 - driven by escalating geopolitical tensions

The price of gold remains stable at USD 2,735 today, after yesterday's rise was further fueled by geopolitical tensions and increasing uncertainties. In particular, the worsening situation in the Middle East and the new developments in the war in Ukraine are contributing to this trend, as investors continue to favor gold as a safe haven. Analysts expect that demand for gold could continue if tensions continue to escalate.

In the Middle East, the possible Russian support for the Houthi rebels in Yemen adds a new dimension of geopolitical uncertainty. Reports suggest that the Houthi militia may have received backing from Moscow, further fueling regional tensions. The already tense situation between Israel and Hamas in Gaza also remains critical, as Israel continues military operations against Hamas positions. These developments are boosting demand for gold as a hedge in times of geopolitical risk.
Ukraine conflict: North Korean troops could be on the verge of combat deployment
In the Ukraine conflict, sources reported that North Korean soldiers may be on the verge of combat deployment on Russia's side. This development could further change the balance of power in the Ukraine war and provoke international reactions. Meanwhile, Ukraine continues to use creative approaches to persuade North Korean troops to surrender, as evidenced by the attempt to win over North Korean soldiers by offering them food. North Korea's involvement is increasing geopolitical tensions and continues to impact gold markets.

In parallel, the relationship between Russia and the United Nations has been exacerbated by Vladimir Putin's recent dealings with UN Secretary-General António Guterres, which has attracted international criticism. Russia is also using the ongoing BRICS summit to position itself as a global counterweight to the West, seeking to strengthen partnerships that could potentially affect global trade and currency stability. Uncertainty regarding Russia's geopolitical orientation within the BRICS countries is contributing to market uncertainty and further supporting demand for gold.

The gold price is showing signs of consolidation at $2,735, with short-term resistance at USD 2,740. Analysts expect that the gold price could exceed the USD 2,740 mark if geopolitical tensions escalate further. The price is currently supported at USD 2,720, which serves as a floor for short-term fluctuations. The combination of geopolitical uncertainty and central bank policy remains the driving force behind developments in the gold market.

As tensions in the Middle East, North Korea's involvement in the Ukraine war and Russia's geopolitical strategy unsettle markets, the price of gold could continue to rise. Analysts expect investors to turn to gold in the face of current crises if geopolitical risks continue to escalate.