Gold's price fell during the North American session after refreshing all-time peaks during Friday’s session. Geopolitical risks spurred a flight to safety, driving the golden metal price toward $2,431, a new all-time high, before retreating on overall US Dollar strength. At the time of writing, the XAU/USD exchanges hands at $2,352, down 0.64%.
According to news sources, Iran is preparing an attack on Israeli soil following an Israeli attack that killed seven Iranian officials two weeks ago.
Aside from this, the latest US inflation figures revealed on Wednesday and Thursday sparked volatility in the precious metal. The non-yielding metal traveled down to $2,303 following the US Consumer Price Index (CPI) release. However, the dip was short-lived as inflation pressures eased following the Producer Price Index (PPI) report printing below headline consensus and some of February’s readings.
Federal Reserve officials are crossing newswires led by Boston Fed President Susan Collins, Chicago Fed President Austan Goolsbee, and the Kansas City Fed’s Jeffrey Schmid, largely heaping more cold water on rate cut hopes.
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