speculative predictions of Israeli strikes on Iran, gold prices surged above $2,400 this week, resulting in more sanctions on the country's oil sector.

 Gold Market News

Due to increased demand for safe havens, particularly in light of the deteriorating situation in the Middle East, fears of Israeli strikes on Iran caused gold prices to soar in Asian trade on Friday, nearly reaching all-time highs.

Gold futures expiring in June saw an increase as high as $2,433.0 per ounce, while spot gold reached as high as $2,417.79. Just a little bit below the record high of $2,430.96 per ounce set last week, spot prices were.

Focus has shifted to Iran-Israel after reports of explosions throughout Iran
Reports from many media outlets, including Iranian news agencies, depict explosions in various regions of Iran, Syria, and Iraq. According to several US news sites, US officials claimed that Israel retaliated against Iran for an attack that occurred last week.

The explosions in Isfahan, which is close to many nuclear facilities in Iran, were especially concerning.

Earlier this week, Iran issued a warning to Israel not to attack its nuclear sites, threatening to even ponder developing nuclear weapons in such a situation.

The need for safe havens is driving weekly advances in gold prices.
Although there have been recent warnings about higher-for-longer U.S. interest rates, fears of a rising conflict in the Middle East prompted a widespread safe haven rush into gold, which helped the yellow metal increase.

The news about Iran and Israel caused the dollar to spike sharply, but it didn't seem to have much of an impact on gold prices.

With spot prices up almost 3% over the previous seven days, Friday's advances put gold prices on track for significant weekly gains.

Additionally, gold saw increases for a fourth week in a row this week as demand for safe haven assets was supported by the Middle East's deteriorating geopolitical situation.

The news of the strikes on Friday caused other precious metals to rise strongly as well. Silver prices increased 1.1% to $28.70 an ounce, while platinum futures increased 0.9% to $958.10 an ounce.

Positive prognosis for industrial metals due to tighter supply

Prices for industrial metals such as copper and aluminium reached all-time highs on Friday, 2024, driven up by the possibility of limited supply following the United States' tightening of sanctions against Russian metal shipments.

One-month copper futures increased by 0.3% to $4.4445 a pound, while three-month copper prices increased by 0.5% to $9,799.0 a tonne. Since May 2022, both contracts were at their highest points.

Aluminium futures reached their highest level since January 2023, up 1.3% to $2,651.0 a tonne.