Gold Hits 10-Week High as US-Iran Uncertainty Fuels Safe-Haven Demand

Gold prices surged to $4,400 per ounce on Tuesday, marking their highest level in 10 weeks.

The precious metal's price increase was driven by strong demand from Chinese institutional investors and uncertainty surrounding the US-Iran conflict and the Strait of Hormuz.

Chinese gold-backed exchange-traded funds recorded their longest streak of inflows in months, while the People's Bank of China accelerated its gold purchases in July, adding approximately 20 tons to its reserves.

The central bank's buying spree extended to 21 consecutive months, with the largest increase since October 2023.