Gold prices increased for the fifth straight session on Tuesday as investors looked for safe-haven assets in the midst of an intensifying air war between the US and Israel against Iran, which raised concerns that the conflict would turn into a protracted regional conflict and increase uncertainty.
As of 04:52 GMT, spot gold was up 0.7% at $5,362.90 an ounce. Following the US and Israel’s weekend strikes on Iran, the value of the dollar surged to its highest level in over four weeks during the previous session.
According to Tim Waterer, chief market analyst at KCM Trade, “gold is capturing the lion’s share of safe-haven demand because the scope and duration of the conflict remain very much open-ended.
According to Iranian media, a top Islamic Revolutionary Guard Corps (IRGC) officer declared on Monday that the Strait of Hormuz was closed and threatened to fire on any vessel attempting to cross the vital waterway. This is Iran’s most direct warning since informing ships on Saturday that it was closing the export channel, a move that may stifle a fifth of the world’s oil shipments and drive up petroleum prices.
Also Read:
SIBF 2025 Reveals the Schedule of Workshops Led by International Specialis
