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Gold hits three-month highs as Iran-linked sanctions boost haven demand
Gold is up 0.6% on the day and has refreshed three-month highs near $4,681, after the US announced sanctions on nearly 60 Iran-linked entities and Treasury yields eased.
Gold prices resumed their advance Monday, refreshing three-month highs around $4,681 and trading near $4,631, up 0.62%, as haven demand picked up following new US sanctions tied to Iran.
FXStreet reports the US Treasury Secretary, Scott Bessent, outlined “unprecedented” economic measures focused on Iran-linked “lifelines,” including digital assets, technology, gold, aviation, and shipping. The Treasury said it sanctioned nearly 60 entities, including broker companies and shadow fleet vessels operating across locations including the UAE, Hong Kong, China, Singapore, Switzerland, and Europe.
The article also links the move to broader risk sentiment in the Middle East, citing World Gold Council data that bullion ETFs saw inflows of 46.7 million tons worth $6.4 billion last week, the largest jump in 10 months. Traders also appeared to watch US rates, with the 10-year T-note yield edging down 3.5 basis points to 4.700%, a tailwind for gold.
Participants were additionally focused on upcoming US growth, inflation, and jobs data, along with a speech by new Fed Chair Kevin Warsh at the Jackson Hole Symposium on Friday, as gold cleared its 200-day simple moving average and technical indicators pointed to strong momentum.
Latest closeGold $4,432.00 ▲1.6%