Gold prices soared to near record levels following Iran’s attack on Israel over the weekend, as investors sought out haven assets amidst escalating conflict in the Middle East.
Bullion rose by as much as 1.2% in response to the attack, reaching levels not seen in years. The surge in demand for gold came as Iran launched over 300 drones and missiles against Israel, with the majority being intercepted and no reported fatalities.
Following the initial spike, gold prices slightly lowered but remained elevated due to ongoing tensions in the region. The attack marked a dangerous new phase in the conflict, prompting concerns about the potential for further escalation.
Investors turned to gold as a safe haven investment, with the precious metal traditionally seen as a store of value during times of uncertainty and geopolitical turmoil. The surge in gold prices reflected the nervousness in the market as the situation in the Middle East continued to unfold.
As tensions remained high in the region, gold prices were expected to remain elevated in the coming days. With global uncertainty on the rise, investors were likely to continue turning to gold as a safe haven asset in the face of geopolitical risks.
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