Gold rises 1% as Middle East conflict spurs safe-haven demand
CNBC
Gold prices rose on Friday as investors sought safe-haven bullion on heightened uncertainty over a widening Middle East conflict.
Gold prices rose on Friday, rebounding from a more than 1% drop in the previous session, as investors sought safe-haven bullion on heightened uncertainty over a widening Middle East conflict.
Spot gold was up 1% at $5,128.39 per ounce, as of 0506 GMT. The metal has lost roughly 3% so far this week, set to snap a four-week winning streak, as fading rate-cut prospects and higher energy prices stoked inflation concerns.
U.S. gold futures for April delivery were up 1.2% at $5,137.50.
Gold prices rose for a fifth consecutive session on Tuesday, as investors sought safe-haven assets amid an escalating U.S. and Israeli air war against Iran.
The yen and euro were lower on Tuesday as the widening Middle East conflict focused attention on countries dependent on energy imports.
Oil prices continue to rise Iran's Revolutionary Guard says it has closed the Strait of Hormuz,
European stocks are expected to start the new trading week firmly in negative territory.
Oil prices jumped to their highest levels in months on Monday as Iran and Israel escalated attacks in the Middle East, disrupting shipments from the region.
Gold prices rose on Monday after the U.S. and Israel launched strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei, deepening global uncertainty.
Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.
European markets finished mixed as more earnings reports and economic data were in focus.