Gold breaks $2,680 as Fed probe and Iran tensions boost safe-haven demand

Gold prices surged 1.3% to $2,682/oz, driving commodity currencies lower as dual geopolitical risks emerged from the Fed investigation and escalating Iran unrest. AUD/USD fell 60 pips to 0.6180 as risk appetite waned, while USD/CAD climbed to 1.4420 despite higher oil prices. The combination of domestic US political uncertainty surrounding Powell's subpoena and Middle East tensions created perfect conditions for safe-haven flows. Swiss franc strength pushed USD/CHF down 70 pips to 0.9120, while EUR/CHF dropped to 0.9405. Stock futures declined 0.8%, reinforcing the risk-off tone. Technical analysis shows gold breaking above key resistance at $2,670, targeting $2,700 psychological level. For forex traders, continued safe-haven demand could pressure commodity and emerging market currencies further while supporting JPY and CHF crosses.