Gold rises amid fears of conflict in the Middle East

Gold prices rose on Friday due to risk aversion in financial markets following media reports of bombings in Iran, raising fears of a broader regional conflict and increasing gold’s appeal as a safe haven.

According to Reuters, by 0429 GMT, gold in instant transactions rose 0.3% to $2,386.05 per ounce, after briefly jumping to $2,417.59 earlier in the session, hovering near the highest level ever at $2,431.29, which was recorded last Friday. . The yellow metal is heading for gains for the fifth week in a row and has increased by about 2% since the beginning of the week.

US gold futures rose 0.1% to $2,401.20.

As for other precious metals, silver rose in spot transactions by 0.2% to $28.28 per ounce and is on its way to achieving weekly gains.

Platinum rose 0.6% to $938.39, while palladium settled at $1,023.09. The two metals are on their way to incurring weekly losses.