Gold prices are trading in today’s European session around 2350 levels.
Recent geopolitical tensions in the Middle East have fueled a surge in precious metal prices in recent weeks, providing solid support for gold prices, particularly amid the looming possibility of an Israeli invasion in Rafah.
Nevertheless, the rally in prices is likely to be limited due to a resurgence in the strength of the dollar and a recalibration in market expectations regarding the timing of the first Federal Reserve interest-rate cut. They emphasised that gold's lack of interest-bearing properties will temper the extent of its price rally.