Gold Nears Two-Week Peak Amid U.S. Rate Anticipation and Rising Tensions

Gold prices surged today, Wednesday, reaching their highest level in nearly two weeks, driven by technical buying. Investors are closely monitoring the upcoming Federal Reserve meeting next week, awaiting any indications regarding future interest rate projections. They are also following the evolving developments in the Middle East conflict with keen interest. Spot gold climbed 0.9% to $4113.73 per ounce at 01:23 GMT, marking its highest point since July 10. Concurrently, U.S. gold futures for August delivery jumped 1.1% to $4119.1. In related developments, the U.S. military announced it commenced its latest strikes on Iran late Tuesday U.S. time, corresponding to early Wednesday in Iran. These American attacks occurred shortly after the Kuwaiti military declared that its air defenses had intercepted Iranian drones earlier today.