Gold Prices Spike as Middle East Tensions Boost Demand for Havens
Gold prices were surging on Friday after Israel attacked Iran's nuclear program and military leadership overnight, sparking fears of a full-blown geopolitical crisis in the Middle East and boosting demand for safe-haven assets.
Gold futures prices jumped 1.1% to $3,443 per Troy ounce. The precious metal will hit a new all-time settlement high if it clings onto those gains until the close, according to Dow Jones Market Data.
Investors were flocking to gold after Israel's surprise strike. Bullion tends to benefit in times of geopolitical uncertainty, as it is seen as a stable commodity that isn't correlated to risk-on assets like stocks
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