Gold Hits Two-Month High as Geopolitical Tensions Rise
The price of gold bullion has rebounded to its highest level in two months as geopolitical tensions rise. The precious metal has been steadily increasing in value over recent weeks due to fading hopes for a U.S.-Iran peace deal and the ongoing volatility of the stock market.
The spot price of gold reached $4,440.00 U.S. per ounce on August 11, marking its highest level since June 5. This marks a 10% increase in gold's price over the last 30 days as investors seek safe-haven assets amid rising uncertainty.
However, gold's current price still lags behind its all-time high of $5,602.22 U.S. per ounce reached on January 28 this year. Market analysts are cautious about a potential short-term rebound in gold's price due to the possibility of an interest-rate hike by the U.S. Federal Reserve on September 16.