Still in the bullish trend channel, entry buy

World gold prices skyrocketed as the level of inflation, and its series of impacts on US monetary policy, boosted demand for holding the precious metal.

On the other hand, gold prices are also supported by increased reserves at the Central Bank of China.

However, analysts at Kitco Metals believe that today's increase in gold prices mainly stems from risk concerns when the President of Iran died in a plane crash.

Meanwhile, a Chinese oil tanker was attacked by Houthi missiles in the Red Sea, increasing geopolitical tensions, increasing the need to hold gold to preserve capital.