Geopolitical tensions complicate the bullish case for gold.

Max Baker, President of Hartford Gold Company in the United States, said that tensions in the Middle East are sending mixed signals for gold. Geopolitical uncertainty supports safe-haven demand, but rising energy prices may push up inflation, boost the dollar, and suppress gold prices. Central bank gold purchases have roughly doubled compared with pre-2022 levels, and some countries have increased their gold reserves for 23 consecutive months.