Gold prices in global markets jumped to their highest level in nearly two months on Friday as rising tensions between Israel and Iran pushed investors towards safe-haven assets.
Spot gold climbed 1.3 per cent to $3,427.36 an ounce in early Asian trading, its highest since April 22. US gold futures were also up, gaining 1.4 per cent to $3,448.70. The precious metal has risen more than 3.5 per cent this week, with traders reacting to both geopolitical uncertainty and softening economic data.
The latest rally came after Israel launched airstrikes targeting Iran’s nuclear facilities. In response, Israel declared a state of emergency, warning of possible missile and drone attacks from Tehran.
In other metals, spot silver dipped 0.4 per cent to $36.24 an ounce, platinum fell 1 per cent to $1,283, and palladium eased 0.5 per cent to $1,050.74. Despite the day’s declines, all three metals are on track to end the week higher.
Moreover, oil prices surged after Israel conducted a military strike on Iran. Crude oil jumped about 9%, with Brent futures LCOc1 rallying $6 to $75.36 per barrel and WTI futures CLc1 $6.16 higher at $74.20 per barrel by 0228 GMT. Gold XAU= climbed 1.5% to about $3,434 per ounce, taking it closer to the record high of $3,500.05 from April.
