Global markets are filled with anxiety following the escalating situation in the Middle East due to Iran’s retaliatory attack on Israel. Amidst this uncertainty, gold has regained its shine as a safe haven asset, pushing its price up 0.7% on Monday (15/4/2024).
The precious metal has surged 14% this year, hitting a record high on Friday. The rise in gold prices is expected to continue as investors worry about potential Israeli retaliation and conflict escalation.
“The idea of a retaliatory response from Israel could cause risk,” said Chris Weston, Head of Research at Pepperstone. “This encourages investors to return to safe haven assets like gold.”
