Gold prices hit $3300/oz due to geopolitical tensions, with bullish sentiment, but facing possible retracement

From Investing.com: 2025-05-21 15:09:00

Gold prices have reached $3300/oz but show signs of exhaustion, aiming to consolidate gains. The rally was driven by weakness in the US Dollar and renewed haven demand due to Israel-Iran tensions. Uncertainty over the US Tax Bill, including compromises on state and local tax deductions, added to Gold’s appeal. Israel’s potential strike on Iranian nuclear facilities fueled haven demand, as negotiations continue. The lack of US data weakened the Dollar, benefiting Gold. Technical analysis suggests a possible retracement if the $3300 support fails, but bullish sentiment remains strong for now.



Read more at Investing.com: Gold Rally Faces First Test: Can the $3,300 Handle Hold Amid Geopolitical Strain?