Gold prices have risen significantly on global markets: what are the reasons?
3 March 12:14
Gold prices rose for the fifth consecutive session as investors sought “safe havens” amid the escalation of the US and Israeli air war against Iran.
This was reported by Reuters, according to "Komersant Ukrainian".
Air strikes in the Middle East have heightened fears that the conflict could escalate into a protracted regional war and deepen uncertainty.
Spot gold rose 0.7% to $5,362.90 per ounce. In the previous session, the metal rose to its highest level in more than four weeks after the US and Israel launched strikes against Iran over the weekend.
US gold futures for April delivery rose 1.2% to $5,376.50.
“The scale and duration of the conflict remain highly uncertain, and amid this uncertainty, gold is taking the lion’s share of demand for safe-haven assets,” said Tim Waterer, chief market analyst at KCM Trade.
Iranian media reported that a senior official of the Islamic Revolutionary Guard Corps announced on Monday the closure of the Strait of Hormuz and warned that Iran would open fire on any ship that attempted to pass through this strategic waterway.
This is Iran’s clearest warning since it told ships on Saturday that it was closing the export route. Such a move threatens to cut off a fifth of global oil flows and send crude oil prices soaring.
