Global gold prices hit 2-month high on Middle East tensions
Updated 6/16/2025 8:33:00 AM
Arab Finance: Gold prices soared for the fourth consecutive session to a near two-month high on Monday, as Iran-Israel clashes pushed investors towards safe-haven assets, according to Reuters.
Spot gold went up by 0.3% to $3,442.09 an ounce, hitting its highest level since April 22nd earlier in the session.
Meanwhile, the US gold futures rose by 0.3% to $3,461.90.
Kelvin Wong, a senior market analyst, Asia Pacific at OANDA, commented: "It's the joint political risk premium that's rising due to the Iran-Israel conflict at this point that is boosted safe-haven demand for gold.”
Wong added: "We have a clear break above $3,400 right now, and the short-term uptrend is intact. We are seeing resistance level at $3,500 and with the possibility of breaking new high above the $3,500 level."
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