Gold price back above $4,500 as Middle East tensions ease - Mining.com

Gold pulling back from the Middle East risk premium tells us the market's still thinking in old paradigms. The real driver isn't geopolitics anymore - it's monetary policy divergence and currency debasement. Central banks added another 77 tons in October according to the latest World Gold Council data. That's structural demand that doesn't care about regional conflicts. COMEX registered inventories remain historically tight at under 400,000 ounces. The gold-silver ratio at 63:1 suggests silver's still lagging this move. Smart stackers use these geopolitical pullbacks as entry points. The underlying monetary dynamics haven't changed one bit.