Gold Prices Soar to 10-Week High on China Demand, US-Iran Uncertainty

Gold prices have surged to a 10-week high of $4,400 amid rising demand from China and uncertainty surrounding US-Iran tensions. This surge marks a significant increase in the value of gold, which has been influenced by various global events.

The Chinese central bank added approximately 20 tons of gold to its reserves in July, contributing to the growing demand for the precious metal. This addition is a key factor in the current price increase, as it reflects China's continued interest in gold as a reserve asset.

The uncertainty surrounding US-Iran tensions has also played a role in driving up gold prices. The ongoing conflict between the two nations has created an environment of heightened volatility and risk, leading investors to seek safe-haven assets like gold.