Investors should see gold as a diversification tool and not a hedge against geopolitical risk events – UBS

(Kitco News) – Geopolitical uncertainty in the Middle East remains extremely elevated after the U.S. announced a missile attack on Iran’s nuclear facilities, and Iran responded with a missile attack on a U.S. airbase in Qatar. However, gold is not attracting a significant safe-haven bid, as prices have struggled to hold above $3,400 an ounce.