Gold refreshes all-time peak above $2,400 before retracing on risk aversion, strong USD

• Gold reaches record $2,431, then pulls back amid stronger US Dollar and reduced inflation concerns.
• Geopolitical tensions between Iran-Israel spark market volatility, initially raising demand for safe havens.
• Fed officials’ comments boost the US Dollar, a headwind for Gold prices.

Gold price finished the week with modest gains of 0.59% after reaching an all-time high during the North American session on Friday. Price action was volatile as Geopolitical risks sparked a flight to safe-haven assets, driving the non-yielding metal toward $2,431, a new all-time high, before retreating on overall US Dollar strength. At the time of writing, the XAU/USD exchanges hands at $2,343, down 1.18%.

According to news sources, Iran is preparing an attack on Israeli soil following an Israeli attack that killed seven Iranian officials two weeks ago.