Gold moved above $4,100 an ounce on Wednesday and reached its highest level in two weeks as geopolitical concerns increased demand for defensive assets.
Spot gold traded near $4,140 an ounce during early trading, while August futures also moved above that level. The metal was up about 2.5% for the week and was heading towards its strongest weekly performance in more than three months.
The rebound followed a sharp fall in the previous week. Buyers returned as the price approached $4,000, suggesting that the level remains an important area of support. Gold then moved through $4,100, a level that had previously limited several recovery attempts.
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