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Gold climbed beyond $2,400 on geopolitical tension

By Rana Gharib
19 Apr,2024
Gold climbed beyond $2,400 on geopolitical tension

Gold soared on Friday, moving close to record peaks following reports of Israel attacks on Iran spiked safe haven demand, specifically amid the ongoing disruptions in the Middle East.

Spot gold edged up by $2,417.79 per ounce, while gold futures advanced by $2,433.0 per ounce. Spot prices were just lower of peaks at  $2,430.96, touched earlier the previous week.

Reports from many media outlets, including Iranian news agencies, depict explosions in various regions of Iran, Syria, and Iraq. According to several US news sites, US officials claimed that Israel retaliated against Iran for an attack that occurred last week.

Explosions that occurred in Isfahan, a city close to multiple nuclear sites in Iran, were especially concerning.

Earlier this week, Iran issued a warning to Israel not to attack its nuclear sites, threatening to even ponder developing nuclear weapons in such a situation.

Worries of escalated disruptions in the Middle East fuelled appetite on safe haven, buoying gold regardless the latest warnings of extended period of hiked interest rate.

 

 

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