- BIST10011,430-2.49%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,160.30-0.50%
- INTEREST37.00%-1.00
- BITCOIN81,939-0.09%
- October 20, 202617°
- BIST10011,430-2.49%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,160.30-0.50%
- INTEREST37.00%-1.00
- BITCOIN81,939-0.09%
- October 20, 202617°
Gold hits three-month high as tensions with Iran persist
Gold rose 2.1% on Friday to $4,612.17 per ounce, reaching its highest level since May 15. Tensions between the United States and Iran, concerns over transportation and energy supplies in the Gulf, and a weaker dollar supported the precious metal’s rise.
Gold prices climbed to their highest level in three months as concerns persisted over the impact of tensions between Iran and the United States on transportation and energy supplies in the Gulf.
Gold rose 2.1% on Friday to $4,612.17 per ounce. Spot gold reached $4,620.14 during the day, its highest level since May 15.
U.S. gold futures rose 2.2% to $4,670.60. With weekly gains exceeding 5%, gold is expected to close higher for a third consecutive week.
Dollar and U.S. debt boost demand for gold
The dollar’s approach to its lowest levels in more than three months made gold, priced in dollars, more accessible to investors using other currencies. This supported demand for the precious metal.
U.S. government debt exceeding $40 trillion for the first time this week also increased concerns about the country’s fiscal outlook. The Treasury Department’s plan to expand buyback operations for longer-term bonds was among the factors adding pressure on the dollar.
All precious metals rise
Alongside geopolitical tensions, rising oil prices strengthened demand for gold, which is seen as a safe haven during periods of uncertainty. Silver rose 2.1% to $69.52 per ounce, while platinum gained 2.8% to $1,879.79. Palladium also rose 0.6% to $1,341.71 per ounce.
The market volatility came as concerns continued over the impact of U.S.-Iran tensions on maritime transportation and energy supplies in the Gulf region.
Transportation and energy supplies in the Gulf under close watch
The United States and Israel launched a war against Iran on February 28, while Iran carried out attacks on Israel and U.S. targets in the region. The parties reached a ceasefire in April.
In June, Washington and Tehran reached an agreement on maritime transportation in the Strait of Hormuz, but its implementation was later disrupted by disagreements.
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