Gold Pulls Back From Two-Week High as Oil Surge Complicates the Safe-Haven Trade
Gold touched its highest level in two weeks on Wednesday, July 22, reaching $4,150 per ounce as US-Iran tensions escalated sharply. By Thursday it had given back most of that move, pulling back to $4,127.92. The 24-hour fade tells you more about the current trade than the spike does. Key Takeaways Gold retreated to $4,127.92 on July 23 after touching a two-week high of $4,150 on July 22, with the $4,090 level serving as the key near-term support floor. Brent crude surged 2.32% to $96.25/bbl on July 23, its fifth consecutive daily gain, driven by US strikes on Iran over 12+ consecutive nights and first direct Houthi tanker attacks in the Red Sea. Silver is up 53.1% year-to-date versus gold's…
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