Gold Rates Hit Two-Month High Amid Israel-Iran Tensions, Oil Prices Also Surge

Gold rates in global markets surged to their highest levels in nearly two months on Friday as escalating tensions between Israel and Iran drove investors toward safe-haven assets.

Spot gold rose 1.3% to $3,427.36 per ounce in early Asian trading, marking its strongest level since April 22. US gold futures also climbed 1.4%, reaching $3,448.70 per ounce. The precious metal has gained over 3.5% this week, fueled by geopolitical uncertainty and weakening economic data.

The recent rally follows Israeli airstrikes targeting Iran’s nuclear facilities. In response, Israel declared a state of emergency, warning of potential missile and drone attacks from Tehran.

Other metals showed mixed movements: spot silver fell 0.4% to $36.24 per ounce, platinum dropped 1% to $1,283, and palladium declined 0.5% to $1,050.74. Despite these daily losses, all three metals remain poised to close the week with gains.

Meanwhile, oil prices surged sharply after Israel’s military strike on Iran. Brent crude futures jumped about 9%, rallying $6 to $75.36 per barrel, while WTI futures rose $6.16 to $74.20 per barrel as of 02:28 GMT. Gold prices also climbed 1.5% to approximately $3,434 per ounce, nearing the record high of $3,500.05 set in April.

Read More: Gold Rates Hit Rs356,900 Per Tola in Pakistan as International Rates Climb