Gold Price Climbs to Two-Week High as Geopolitical Tensions Rekindle Safe-Haven Demand

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智通财经2026/07/22 13:46

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On Wednesday, gold climbed to $4,125 per ounce, reaching its highest level since July 7, driven by safe-haven buying amid escalating tensions in the Middle East and technical follow-up buying. Meanwhile, the market is also focusing on next week's Federal Reserve meeting to seek clues about the interest rate outlook.
Geopolitical risks have risen significantly, with Trump warning of possible further strikes against Iran and pledging retaliation if Iran-backed groups disrupt shipping in the Red Sea. However, the Secretary of State also stated that the U.S. remains open to reaching an agreement with Iran, expressing doubts about Tehran's willingness to accept negotiable terms. The mix of signals has supported safe-haven assets.
Nevertheless, gold prices remain below the record high set in January, as elevated oil prices continue to fuel inflation concerns and reinforce expectations that interest rates will stay higher for longer. The market is fully pricing in two 25 basis-point rate hikes by March 2027, with an approximately 70% chance of the first move in September. Interest rate pressure and safe-haven demand are in a tug-of-war.
In the short term, the evolution of the geopolitical situation and the Federal Reserve's policy path will jointly determine the direction of gold prices. If tensions in the Middle East escalate further, safe-haven inflows may push gold to retest previous highs, whereas a more hawkish signal from the Federal Reserve could cap the upside potential.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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