Gold and Silver Rally Amid Middle East Tensions
Geopolitical tensions in the Middle East have fueled a surge in demand for precious metals, with Gold and silver prices climbing sharply since mid-June. Israel's Operation Rising Lion on June 13, targeting Iran's nuclear and military sites, followed by U.S. airstrikes on June 22, has driven safe-haven buying. Gold now trades between $3,420 and $3,440 per ounce, with analysts projecting a potential rise to $3,900 over the next year if tensions persist.
Silver has outperformed, reaching a 13-year high above $37 per ounce, with sights set on $40. Key support levels for gold are at $3,400, while silver finds near-term support around $36. A strong U.S. dollar has tempered gains, but any dovish shift in Fed policy could further propel bullion prices.
