Gold stays hot despite Middle East headlines as Japan arrives

The question for the gold market is:

How much of today’s rally close to a record high was fear of a Middle East war and how much was other fundamentals?

So far in Asia, the ‘other’ category is winning. An Axios report said an attack was unlikely tonight and we’ve seen no pullback in gold. Meanwhile, Tokyo is back from holiday and gold could be a solid place to wait out the yen volatility.

Gold was last up $2 to $2473 after a $30 jump to start the week.

This article was written by Adam Button at www.forexlive.com.