Gold Price News: Gold recovers to 2,735 USD after geopolitical tensions

After the gold price fell to USD 2,715 at the end of yesterday's trading session, it rose again during the day and then consolidated at USD 2,735 per troy ounce. The renewed rise in the price of gold is due to growing geopolitical tensions in the Middle East, Ukraine and other global conflicts, which continue to fuel uncertainty in the markets. Despite the slight correction, demand for gold as a safe haven remains high as investors continue to react to the volatile geopolitical situation.

The decline in yesterday's second half of the day was dominated by technical selling and profit taking, but geopolitical crises are driving the gold price up again today. In particular, the ongoing conflict between Israel and Hamas, as well as recent developments in Turkey and the deployment of North Korean soldiers to support Russia in the war in Ukraine, are playing a central role in the renewed upward movement of the gold price.

Another important factor influencing the markets is the recent attacks by the PKK in Turkey. The attacks have further destabilized the political and economic situation in the country. Following a major bombing attack carried out by the PKK in Turkey, the security situation in the country is precarious. The Turkish government has launched a large-scale military operation against the PKK in the east of the country in response to the escalation of violence.

Turkey is a significant country in the region and the economic instability could have a significant impact on trade in the region. Investors see these tensions as a risk to market stability and are increasingly turning to gold. This behavior is reflected in today's recovery in the gold price, as uncertainty in the region increases.

The conflict in the Middle East continues to escalate. Today, a children's hospital was attacked in Beirut. Israel is intensifying its air strikes on Hamas positions in the Gaza Strip and has simultaneously carried out further attacks on Hizbollah positions in Lebanon. After Hizbollah announced that it would expand its attacks on Israeli targets, the entire region has become increasingly unstable.

These escalations have a strong impact on the gold market, as investors are increasingly concerned about the expansion of the conflict. The possibility of a broader confrontation between Israel, Iran and Hezbollah has significantly increased demand for gold as a safe-haven investment. Geopolitical volatility may continue to drive up the price of gold in the coming days, as markets react to further escalations in the region.

The war in Ukraine remains another key factor affecting the price of gold. Russia has intensified its attacks in eastern Ukraine and reports suggest that North Korea has sent 1,500 troops to Russia in support. These developments represent a significant escalation of the conflict, as the international community now fears broader third-party involvement in the war.

The deployment of North Korean troops in Ukraine could have far-reaching consequences for international security, as this approach increasingly globalizes the conflict. These developments increase uncertainty in global markets and boost demand for safe-haven assets such as gold. Investors are watching the situation closely and could increase their investments in gold in the coming days if the conflict escalates further.

The gold price is recovering from yesterday's decline and is now approaching the resistance level at USD 2,740. If this resistance is broken, the price could rise further towards USD 2,755, which could signal the beginning of a renewed uptrend. Support is at USD 2,715. Analysts believe that geopolitical tensions will remain the main drivers of the market.

Volatility remains high as market participants react to developments in Turkey, the Middle East and Ukraine. Should there be further escalations, the price of gold is expected to rise further in the short term. Analysts are also watching the monetary policy decisions of the Fed and the ECB, which could also affect the price of gold should economic conditions change.

With tensions persisting in Turkey, the situation escalating in the Middle East and the war in Ukraine, geopolitical risks remain the dominant drivers of the gold price. Demand for safe-haven investments is likely to remain strong in the coming days, especially if the situation escalates further. The gold price could break through the USD 2,740 mark in the short term and rise to new highs if the conflicts continue to worsen.