FX.co ★ Gold Rises on Ongoing Mideast Tensions

Gold prices climbed to approximately $3,390 per ounce on Tuesday, driven by heightened demand for safe-haven assets amid escalating tensions in the Middle East. The situation intensified as President Donald Trump called for the immediate evacuation of Tehran following increased Israeli bombings targeting Iran's elite military units and state-owned media facilities. On Monday, gold experienced a 1.4% decline, its most significant single-day drop in a month, amid reports indicating Iran's efforts to scale back hostilities with Israel and a willingness to re-enter nuclear negotiations with the United States, provided Washington refrains from participating in the Israeli assaults. Economically, investors are closely monitoring May's retail sales and industrial production data, expected to be released later today, to assess the robustness of the US economy. Additionally, focus is on the Federal Reserve's two-day policy meeting, concluding on Wednesday. Although the Fed is anticipated to maintain its current interest rates, market participants are eager for indications of possible rate reductions in the forthcoming months.