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Gold Prices on a Roller Coaster Ride in the Midst of Middle East Strife

Daniel Kim Views  

Despite Iran’s unprecedented attack on Israel last weekend, gold prices dipped below last week’s peak.

As the Middle East conflict entered a dangerous new phase, gold prices rose by 1.2% on the 15th (local time) but lost most gains.

Gold prices broke through $2400 per ounce on Friday but ended the trading day in a downtrend.

On the other hand, the recent situation in the Middle East, coupled with concerns about Israel’s potential retaliation, has triggered stability, and investing in gold may be possible in the near future.

Chris Weston, the head of research at Pepperstone Group, said, “The heightened tension in the Middle East is the reason to buy gold.”

He added, “An important geopolitical premium is being reflected, and gold prices are expected to rise in the medium to long term.”

Gold prices have surged almost 20% since mid-February, surprising many investors. The increase in gold trading stemmed from various factors, including strong purchases by central banks and increased demand from Chinese consumers.

Moreover, the increased geopolitical risks in the Middle East and Ukraine have enhanced the appeal of gold as a safe asset.

Some Wall Street banks have recently revised their gold price forecasts upward, with Goldman Sachs Group raising its year-end forecast to $2700 per ounce on Monday.

The Bloomberg Dollar Spot Index was almost unchanged after rising 1.3% last week, marking its biggest increase since September 2022. Meanwhile, platinum and palladium fell, while silver rose.

Daniel Kim
content@viewusglobal.com

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