ING’s commodities team reports that Gold rebounded nearly 2%, briefly topping $4,500/oz, as a tentative Israel-Lebanon ceasefire reduced immediate geopolitical risk, before easing when Hezbollah rejected the deal. They emphasize that Gold remains below prior peaks and has been confined to a narrow range, with near-term direction likely driven by US rates, the Dollar and inflation dynamics.

Geopolitics and rates steer prices

"Gold rose nearly 2% in yesterday’s session, briefly pushing above $4,500/oz, as a tentative ceasefire between Israel and Lebanon reduced immediate geopolitical risk."

"Yet prices have come under pressure once again as Hezbollah rejects the ceasefire."

"Despite the recent rebound, gold remains well below its earlier peak and has been trading in a relatively narrow range in recent weeks."

"In the near term, gold will likely remain range-bound, with direction driven by US rates, the dollar, and inflation."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)