On Friday, gold prices reached unprecedented heights, surpassing $2,400 per ounce, marking their fourth consecutive week of gains. Investor anxiety over mounting tensions in the Middle East propelled a surge in demand for safe-haven assets, as reported by Reuters.
Spot gold experienced a slight retreat of 0.8 percent, settling at $2,353.35 per ounce by 1:40 pm ET (1740 GMT), following a peak of $2,419.79, a historic milestone. Despite the brief pullback, prices maintained a week-long uptrend, rising approximately 1 percent.
Meanwhile, US gold futures concluded 0.1 percent higher, closing at $2,374.1, buoyed by the prevailing bullish sentiment.
In tandem with gold’s upward trajectory, platinum surged to its highest level in nearly four months, flirting with the significant $1,000 per ounce threshold.
Jim Wyckoff, senior analyst at Kitco Metals, remarked, “What’s really telling about the strength of gold is the U.S. dollar index and Treasury yields are climbing, yet gold continues to rally strongly – that’s very indicative of strong safe-haven demand.”
Amidst reports of a potential attack by Iran on Israel, the White House affirmed the seriousness of the situation, emphasizing the United States’ commitment to defending Israel while refraining from disclosing specific details regarding the timing of any possible assault.
