Gold up as safe haven appeal increases due to tension in the ‎Middle East

Gold prices rose on Friday as fears increased about the escalation of the conflict in the Middle East due to air strikes on Yemen, which led to an increase in the attractiveness of the precious yellow metal as a safe haven.

According to Reuters, by 0701 GMT, gold in instant transactions rose 0.3% to $2,034.84 per ounce. However, it has declined by 0.5 percent so far this week

US gold futures rose 1% to $2,039.10

Kelvin Wong, chief market analyst for the Asia-Pacific region at OANDA, said that attention will focus on the growing geopolitical tension, which he believes, as it escalates, “supports gold prices above the 50-day moving average of $2,015.”

The United States and Britain launched strikes against Houthi movement sites in Yemen

Silver rose in spot transactions 0.5% to $22.86 per ounce, platinum gained 0.3% to $917.82, and palladium rose 0.3% to $990.98.