Gold Nears $2,000 While Stocks Slump Amid Middle East Tensions and Hawkish Fed

Gold and silver prices are rising due to safe-haven demand amid geopolitical tensions in the Middle East. Gold hit a 2.5-month high and is nearing $2,000/oz.

Rising bond yields and Middle East tensions are reducing risk appetite, weighing on stocks globally.

Fed Chair Jerome Powell said inflation remains too high and slower economic growth is likely needed. His comments did little to impact markets.

The US dollar index is near steady. Oil prices are higher around $90.50/barrel. The 10-year Treasury yield is around 4.95%.

Technically, gold has upside momentum with resistance at $2,000/oz. Silver has an upside bias but faces resistance at $24/oz.