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Gold jumps after Iran strike against Israel stokes haven demand

15th April 2024

By: Bloomberg

  

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Gold rose as much as 1.2% shortly after the open as Iran’s attack on Israel over the weekend drove demand for haven assets.

Bullion traded near a record high set on Friday as the conflict in the Middle East entered a dangerous new phase. The Islamic Republic fired more than 300 drones and missiles against Israel on Saturday evening, although almost all were intercepted and there were no fatalities reported.

Spot gold climbed 0.8% to $2 361.92 an ounce as of 6:20 a.m. in Singapore, extending a rally that’s been underway since mid-February.

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Edited by Bloomberg

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