Gold Up Over Weekend On Our Iranian Attack

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Gold has been staying in a tight trading range between $3,350 and $3,400, with light trading volume. The U.S. dollar, U.S. economic news, and the wars in Israel and Ukraine were not affecting the Gold price. Then came Saturday.

Seven US B2 bombers dropped 14 massive Bunker Buster bombs on three Iranian nuclear sites which caused major unrest in the Middle East and the rest of the world. On this news, the Gold price moved higher in overseas trading on Sunday, quickly jumping $20 on the opening. Right now, the speculation is focused on what type of retaliation Iran will take.

What was amazing about last night’s trading was, after Gold rallied to $3,390 on the B2 Bomber news, the Gold price sold off in Asia. It reached $3,350 before seeing serious safe-haven buying as markets moved into the Middle East. As trading moved into London and the US buyers came back, Gold moved back to the highs of the day.

It appears that many traders are awaiting Iran’s response to the U.S. joining attacks against the Islamic republic over the weekend.

Key Economic data to watch this week:
The week of June 23rd to 27th, 2025
- Monday: Existing home sales
- Wednesday: New home sales
- Thursday: Initial jobless claims, May Durable-goods orders
- Friday: U.S. PCE (year-over-year)

Today: With lots of coverage on the Iranian attack on the U.S. media, the US precious metal markets were very active with fresh safe-haven investment. The Gold price moved to the day’s high as demand and trading volume increased.

Over the past weekend, during overseas trading, Silver moved higher with Gold, reaching $36.19 per ounce. When Gold moved lower, it dropped to $35.72 before finding bargain buying. Staying above the key $36 level would be important to give Silver an excellent support level for the move to $40 later this year.

The Silver-to-Gold Ratio moved lower to 94-to-1.

Today: As trading rolled into the U.S., Silver moved higher, reaching $36.40 per ounce before seeing light profit-taking.

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