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Gold hits nearly two-month high as Israel attack spurs safe-haven demand - YAHOO FINANCE
Gold (GC=F)
Gold prices surged to their highest level in nearly two months on Friday, lifted by heightened geopolitical tensions following Israeli airstrikes on Iran. The escalation in the Middle East conflict spurred demand for traditional safe-haven assets, putting bullion on track for a weekly gain.
Gold futures gained nearly 1% to $3,435.20 per ounce at the time of writing, while the spot gold price advanced 2% to $3,414.79 per ounce.
"The geopolitical escalation adds another layer of uncertainty to already fragile sentiment," said Charu Chanana, chief investment strategist at Saxo.
Read more: FTSE 100 LIVE: Stocks drop and oil prices soars as Israel strikes Iran in major escalation
The Israeli government declared a state of emergency, warning of imminent missile and drone attacks from Iran. Meanwhile, the US military is reportedly preparing for a range of scenarios, including potential evacuations of American civilians from the region, a US official told Reuters.
"This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, with investors making a play towards safe-haven assets in response," said Tim Waterer, chief market analyst at KCM Trade.
