Gold Price Forecast: XAU/USD rebounds on market caution, aims to reach $2,400

Gold price appreciates as traders exercise caution amid concerns about escalating tensions in the Middle East. Jordan's Foreign Minister Ayman Safadi warned that Israeli retaliation against Iranian strikes could potentially escalate the conflict throughout the entire region. The correction in the US Dollar supports the demand for the yellow metal. The safe-haven yellow metal gains ground as traders exercise caution amidst heightened geopolitical tensions in the Middle East.

This correction in the US Dollar is to make Gold less expensive to buy for investors using other currencies. Federal Reserve Bank of Cleveland President Loretta Mester, speaking on Wednesday, acknowledged that inflation has surpassed expectations. She stated that the Fed requires further assurance before confirming the sustainability of 2% inflation.

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