Gold Analysis: Geopolitics + USD & Yields Dual SupportGold vs US DollarPEPPERSTONE:XAUUSDAvaTaylor# 🛡️ Gold Analysis: Geopolitics + USD & Yields Dual Support 🌍 **The escalating geopolitical conflict in the Middle East is providing strong support for safe-haven demand (core driver):** The conflict between the US, Israel, and Iran has entered its **18th day**, with no signs of a ceasefire and the situation continuing to escalate. Iran confirmed the deaths of Larijani, secretary of the Supreme National Security Council, and the head of the Basij militia. The Iranian Islamic Revolutionary Guard Corps announced that its strikes against the US and Israel have entered an **"accelerated phase,"** launching its **59th wave** of counterattacks. The US and Israel continue airstrikes against Iran, with the Israeli military targeting over **200** Iranian targets in a single day. The Strait of Hormuz is unlikely to return to its pre-war state, global energy supply concerns are intensifying, and global safe-haven sentiment remains high, driving up gold prices. As a core safe-haven asset, gold continues to receive support from safe-haven buying. --- 💵 **The US dollar index fluctuated and corrected, while US Treasury yields fell slightly, easing the downward pressure on gold:** The US dollar index closed at **99.31** yesterday, and although it rebounded slightly to **99.90** in early trading today, it remains at a relatively low level, exerting fluctuating downward pressure on gold. Gold priced in US dollars remains attractive. The yield on the 10-year US Treasury note fell slightly by **1.75 basis points** to **4.2004%**, slightly reducing the cost of holding gold and providing weak support for a rebound in gold prices. These two factors combined effectively alleviated some of the downward pressure.