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Gold prices surged on Friday as concerns heightened over the escalating conflict in the Middle East due to airstrikes in Yemen, increasing the appeal of the precious metal as a safe-haven asset.
As of 07:01 GMT, spot gold saw a 0.3 percent rise, reaching $2,034.84 per ounce. Despite a 0.5 percent decline for the week, this upward movement is attributed to rising geopolitical tensions.
US gold futures also experienced a 1 percent increase, reaching $2,039.10.
Kelvin Wong, Chief Market Analyst for the Asia-Pacific region at OANDA, emphasized that attention is now focused on the growing geopolitical tensions. He noted that these tensions are “supporting gold prices above the 50-day moving average of $2,015.”
The United States and Britain initiated strikes against Houthi movement sites in Yemen, further intensifying concerns in the region.
In tandem with gold, other precious metals also saw positive movements. Silver in spot transactions increased by 0.5 percent to $22.86 per ounce, platinum gained 0.3 percent, reaching $917.82, and palladium rose by 0.3 percent to $990.98.
