Gold trades sideways, underpinned by continued safe-haven flows
Gold (XAU/USD) stays stuck in this week’s mini range, exchanging hands in the $2,720s on Friday, as the precious metal is still supported by safe-haven flows due to a high level of geopolitical risk. The ongoing conflict in the Middle East and increasing uncertainty over who will win in the US election are both key factors driving investors to safe-play assets such as Gold.
Gold is likely to continue to find support from safe-haven flows as the war in the Middle East intensifies. Reuters reported on Friday that three Lebanese journalists had been killed in the bombing of a guesthouse used by members of the international press including Al Jazeera, Sky and Reuters.
Source: FXstreet