Gold Surges Past $4,400 as US Economic Data Falters and Middle East Tensions Rise

Gold prices have surged past $4,400 per ounce, reaching a high of $4,450.70 on Monday, following a 10 percent gain over the past 30 days.

The metal's upward trajectory is attributed to two key factors: soft US economic data and rising Middle East tensions.

Recent inflation readings have been subdued, leading to a decrease in the odds of a Fed rate hike in September from 58 percent to around 30 percent. This shift has eased pressure on gold from yield-bearing Treasuries.

Meanwhile, geopolitical friction between Israel and Lebanon, as well as President Trump's plans for new economic sanctions against Iran, have boosted demand for safe-haven assets like gold.