Gold prices rally past $2,400 on reports of Israel strikes on Iran
Investing.com-- Gold prices surged in Asian trade on Friday, coming close to record highs after reports of Israeli strikes on Iran ramped up demand for safe havens, especially in the face of worsening conditions in the Middle East.expiring in June rose as far as $2,433.0 an ounce. Spot prices were just below record highs of $2,430.96 an ounce hit last week.Multiple media reports, including those from Iranian news agencies, show explosions across several parts of Iran, Syria and Iraq. Multiple U.
Iran had earlier this week warned Israel against attacking its nuclear sites, and that it could even reconsider building nuclear weapons in such a scenario.Fears of a worsening conflict in the Middle East sparked a broad safe haven rush into gold, helping the yellow metal rise despite recent warnings on higher-for-longer U.S. interest rates.Friday’s gains put gold prices on course for strong weekly gains, with spot prices up around 3% over the past seven days.
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