Gold (XAU/USD) builds on its modest intraday bounce and climbs back above the $4,050 level, hitting a fresh daily high during the first half of the European session on Friday amid a modest US Dollar (USD) pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside. Crude oil prices remain elevated amid escalating US-Iran tensions, fueling inflation fears and bolstering expectations of higher-for-longer US interest rates. This might continue to act as a tailwind for the USD and keep a lid on the non-yielding bullion.
The US military announced that it has completed another round of strikes against Iran