Gold prices head for third week of gains in a row

Gold prices are heading for gains for the third week in a row today, Friday, as the conflict in the Middle East leads to an increase in investors’ desire for safe havens, despite US interest rates remaining high for a longer period.‎

According to Reuters, gold rose in spot transactions by 0.1% to $1,986.76 per ounce by 03:41 GMT, while US gold futures contracts saw no significant change, settling at $1,996.80.

“Gold prices will be one of the factors affected by the conflict between Israel and Hamas as long as things are at risk of escalation,” said Kyle Rodda, a financial markets analyst at Capital.com.

Gold rose about 9% as investors resorted to it as a safe haven from the potential repercussions of the war between Israel and the Palestinians that escalated earlier this month.