Gold Reaches All-Time High Amid Middle East Tensions and Safe-Haven Demand
Gold reached an all-time high of $2,431.52 per ounce on Friday, a 2.4% increase, due to safe-haven demand caused by global uncertainty and Middle East tensions.
Prices were up 4% for the week and 16% year-to-date, surpassing the 13% advance in 2023.
Analysts link the rally to US claims of potential Iranian strikes on Israel within the next 48 hours.
Tehran has threatened a response after two senior Iranian generals were killed in an Israeli airstrike.
The killing has led to heightened tensions in the Middle East, which has caused a surge in gold prices.
Experts believe that geopolitical risk is the main driver for the price increase, with more than 50 local and national elections this year adding to the uncertainty.
Additionally, strong buying from China has underpinned gold prices.
Gold and other precious metals, including silver, palladium, and platinum, have historically been sought after by investors during times of market uncertainty and economic instability.
In recent times, with the ongoing market volatility and economic uncertainties, the prices of these metals have risen.
Specifically, gold reached new highs, while silver hit its highest price since early 2021, with prices for palladium and platinum also increasing significantly.
Analysts link the rally to US claims of potential Iranian strikes on Israel within the next 48 hours.
Tehran has threatened a response after two senior Iranian generals were killed in an Israeli airstrike.
The killing has led to heightened tensions in the Middle East, which has caused a surge in gold prices.
Experts believe that geopolitical risk is the main driver for the price increase, with more than 50 local and national elections this year adding to the uncertainty.
Additionally, strong buying from China has underpinned gold prices.
Gold and other precious metals, including silver, palladium, and platinum, have historically been sought after by investors during times of market uncertainty and economic instability.
In recent times, with the ongoing market volatility and economic uncertainties, the prices of these metals have risen.
Specifically, gold reached new highs, while silver hit its highest price since early 2021, with prices for palladium and platinum also increasing significantly.
Translation:
Translated by AI
