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Higher On Haven Demand Following Yemen Airstrikes

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 0.2% higher at $2028.91 on Thursday, having bottomed out at $2013.4 to test support at $2013.2 (50-day EMA).

  • Bullion was helped higher on Thursday by a softer USD index and lower US Treasury yields following US CPI data.
  • Today’s strength however appears linked to haven demand as US and UK airstrikes hit Houthi rebel targets in Yemen.
  • Military actions against the Iran-backed group were initiated in response to a series of attacks on vessels in the Red Sea.
  • These strikes signify a substantial escalation in the ongoing conflict in the Middle East, which commenced with the Hamas attack on Israel in early October. If this conflict expands, it has the potential to drive bullion prices higher.
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