Gold And Silver Jump As Iran Attack Sparks Flight To Safety

(MENAFN- Yolo Wire) Gold and silver prices are higher as strikes on Iran spark a flight to safety among investors.

News that the U.S. and Israel killed Iran's Supreme Leader Ayatollah Ali Khamenei ​over the weekend have stoked ​fears of a wider war in the Middle East and led crude oil prices to rise 7%.

Investors are responding by rushing into safe havens such as gold and silver.

Spot gold is up 3% in early trading on March 2 to $5,391.30 U.S. an ounce. Gold (TVC: $GOLD) is now trading at a ⁠four-week ‌high. The metal hit ⁠a record of $5,594.82 U.S. an ounce on January 29 this year.

At the same time, silver's price is up about half a percentage point and trading at $93.25 U.S. an ounce as geopolitical uncertainty grips financial markets.

Precious metals are seeing their prices rise as equity markets in Asia, Europe, and the U.S. slide deep into the red.

The Dow Jones Industrial Average is set to open down more than 500 points, while the technology-heavy Nasdaq (NASDAQ: $NDAQ) is down more than 300 points on the day.

Gold and silver (TVC: $SILVER) have hit multiple records over the past year due to heightened geopolitical and economic uncertainties.

The price of gold rose 64% and silver's price more than doubled in 2025, driven by strong buying among central banks and retail investors, and expectations ⁠for interest rate cuts.

Gold and silver could get a further boost this week as U.S. labour market data is released along with weekly jobless claims.

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