Gold prices continue their upward trajectory, influenced by a combination of geopolitical risks and recent US economic data. The precious metal’s current value stands at $2036.50 during the start of the Asian Wednesday session, showing stability in its trend.

Despite recent data emphasizing the possibility of a “soft landing” for the US economy, which might typically be viewed as negative for Gold, the rising tensions in the Middle East are providing support to the non-yielding metal.

Gold’s resilience is also attributed to a slight rise in tensions in the Middle East, contributing to its safe-haven appeal. As the market anticipates the upcoming Federal Reserve announcement, with expectations of unchanged interest rates, traders are particularly focused on Federal Reserve Chairman Jerome Powell’s subsequent press conference. The aim is to gain insights into the central bank’s future policy direction, which could further influence Gold prices.