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Gold surges past $2 400 on Middle East conflict concerns

Gold bars

Photo by Bloomberg

19th April 2024

By: Bloomberg

  

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Gold surged past $2 400 an ounce as concerns over rising tensions between Israel and Iran stoked haven demand.

Bullion rose as much as 1.3% and headed for a fifth weekly gain after unverified media reports of explosions in Iran, Syria and Iraq.

Rhetoric between Iran and Israel has intensified since last weekend’s drone and missile strike, with the Islamic Republic warning against attacking its nuclear facilities, and threatening to respond in kind if they are targeted. The US, meanwhile, has urged restraint.

Those geopolitical risks largely offset jobs data on Thursday that fanned concerns that the Federal Reserve has some way to go before cutting rates — a view shared by a number of policymakers. Higher borrowing costs are typically negative for the precious metal, which doesn’t pay interest.

Robust demand from global central banks and Chinese consumers have also supported bullion, which is creeping back up toward last week’s record high. Data on Thursday showed exports from Switzerland into China climbed 31% in March from a month earlier.

Spot gold was up 1.1% at $2,404.95 an ounce at 9:36 a.m. in Singapore. The Bloomberg Dollar Spot Index rose 0.2%. Silver, palladium and platinum also rose.

Edited by Bloomberg

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