Gold Soars Above $4,300 as Geopolitics and Fed Commentary Drive Safe-Haven Demand

Gold has surged to $4,321 per ounce on August 6, a seven-week high, driven by geopolitical risks and Fed commentary boosting safe-haven demand. The precious metal is up 4.18% on the day and about 6% over the past month.

The rise in gold prices comes as hopes of a US-Iran deal to reopen the Strait of Hormuz ease tension, but uncertainty remains, causing investors to turn to gold as a hedge against conflict.

Meanwhile, XRP is struggling to stay above $1, weighed down by bearish technical signals and exchange withdrawals hinting at holder confidence issues. The cryptocurrency's overall sentiment and token adoption remain weak in both CEX and DeFi markets.