Commodities
Gold Rebounds Above $4,000 Amid Geopolitical Tensions
Gold prices rebounded last week, surpassing the $4,000 per ounce mark despite facing challenges from high U.S. bond yields and a strong dollar. According to the World Gold Council's (WGC) weekly market update, the LBMA Gold Price PM climbed 1.8% week-over-week to $4,067 per ounce.
The upturn in gold prices was driven by bargain hunting and increased investor participation through global gold exchange-traded funds (ETFs). Additionally, net long positions on COMEX and the Shanghai Futures Exchange also rose.
The rally occurred amid heightened geopolitical tensions. Tensions around the Strait of Hormuz escalated during the week before subsiding late Friday, while new U.S. tariff measures dampened sentiment across broader financial markets.