Gold pared back early gains but is trading about 1% higher today. The main drivers seem to be the Middle East conflict and worries that the Fed might hike rates to fight inflation caused by soaring oil prices. Trump mentioned the US will keep up the military offensive against Iran. Supply chains are getting messy with the UAE partially closing airspace, which is disrupting gold shipments through Dubai. TD Securities noted that geopolitical instability is bringing buyers back in. Gold is up 23% this year, but silver and palladium both dropped.