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Global Gold Prices Rise After US-Israel Strikes on Iran
(MENAFN) Global gold prices spiked on Monday in response to the weekend airstrikes by the US and Israel on Iran, reflecting investor concerns over rising instability in the Middle East.
The safe-haven metal climbed more than 2%, with spot gold reaching $5,406 an ounce by 10:15 a.m. local time (0715 GMT), up 2.44% from previous levels.
Investors traditionally turn to precious metals as a hedge against uncertainty during periods of military conflict, and other metals also gained. Silver, for instance, rose 2.05% to $95.8 per ounce.
Market analysts noted that the effective disruption of the Strait of Hormuz continues to be a major factor influencing global financial volatility in the coming days.
The safe-haven metal climbed more than 2%, with spot gold reaching $5,406 an ounce by 10:15 a.m. local time (0715 GMT), up 2.44% from previous levels.
Investors traditionally turn to precious metals as a hedge against uncertainty during periods of military conflict, and other metals also gained. Silver, for instance, rose 2.05% to $95.8 per ounce.
Market analysts noted that the effective disruption of the Strait of Hormuz continues to be a major factor influencing global financial volatility in the coming days.
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