Central Bank Purchases: The demand from the official sector remains a structural support for prices.

ETF Flows: Holdings in major gold-backed ETFs indicate institutional trends.
Real Interest Rates: The opportunity cost of holding non-yielding bullion is a key driver.
Currency Movements: Weak dollar typically provides support to dollar-denominated commodities.
Analysis of the Diplomatic Scene Between the US and Iran
The primary geopolitical driver is the fragility of diplomatic communications. International agency reports indicate informal talks, but a formal and public framework remains elusive. Historically, escalation in the region leads to immediate risk aversion. For example, previous incidents affecting oil transport through the Strait of Hormuz caused simultaneous rises in oil and gold prices. This correlation underscores gold’s role as a key hedge against supply chain disruptions and broader conflicts.