August Gold futures posted strong single-session gains as geopolitical tensions in Eastern Europe reinforced safe-haven demand. Recent military escalations between Russia and Ukraine have pushed conflict risks back to the forefront, encouraging investors to maintain elevated gold allocations. However, market expectations for monetary policy are also shifting, with swaps traders pricing in a higher probability of a Federal Reserve rate hike following comments from Cleveland Fed President Beth Hammack. Higher rate expectations increase the opportunity cost of holding non-yielding precious metals, creating a complex trading environment for Gold futures.