Gold prices hit a 4-week high as tensions in the Middle East esc

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Gold prices rose even as data showed US retail sales exceeded forecasts and industrial products rose sharply last month. The Fed's fixed metric will keep interest rates higher for longer. Higher borrowing costs are often seen as a negative for gold.

According to ANZ Banking Group Ltd, any escalation will reinforce the need for protection. “This comes amid strong demand from the physical market, both from central banks as well as consumers in both India and China,” they said.

Current gold trading increased 0.8% to 1,937.75 USD/oz.