Gold Prices Bounce Back Above USD5,000
Spot gold rose by more than 2.5% to reach $5,001 per ounce as of 1540GMT, fueled by reports indicating that the Trump administration might be preparing for possible military measures against Iran.
According to these reports, a White House adviser stated there is a "90% chance we see kinetic action in the next few weeks."
Gold had dropped on Tuesday to roughly $4,900 after Iran announced it had reached "guiding principles" with the US regarding nuclear discussions.
Silver also experienced gains, rising 5.7% to $77.7 per ounce.
January proved to be a stellar month for gold, with prices surging 13.2%, marking the best monthly performance since September 1999, amid rising global geopolitical risks. In February, the price largely stabilized due to a reduction in geopolitical tensions and the US Federal Reserve’s choice to maintain interest rates.
Gold began 2026 at $4,313 per ounce and climbed to a record high of $5,598 on January 29.
Meanwhile, investors are looking ahead to the release of minutes from the US Federal Reserve's January 16-17 meeting on Wednesday, hoping to gain insights into the future direction of monetary policy.
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