Gold futures may challenge record highs as tensions in the Middle East intensify

Odaily News Gold futures rose on safe-haven demand, approaching the all-time high of $3,509.90 an ounce set in mid-April, after Israel launched an airstrike on Iran overnight and Iran launched a drone strike back. Nikos Tzabouras, an analyst at Tradu.com, wrote that gold prices could reach a record high due to concerns about further escalation in the Middle East, coupled with uncertainty about US tariffs. However, the path to de-escalation and containment remains open. If tensions ease, gold prices may face a short-term downward adjustment. Nevertheless, given the current risk-filled backdrop, the bullish momentum seems well supported. (Jinshi)