Global markets opened trading on Monday with a sharp rise in gold prices driven by escalating geopolitical tensions.
The US-Israeli strikes on Iran began on Saturday morning, killing Iranian Supreme Leader Ali Khamenei and several other senior commanders, raising fears of a wider regional escalation and global economic repercussions.
Gold Price per Ounce
In the early hours of spot trading, the price of an ounce of gold saw a significant increase, reaching approximately US$5,410 – rising about $135 in the first 10 minutes compared to Friday’s closing price, according to preliminary data from international markets.
As the rise continued, prices approached new record highs, with reports indicating that the price per ounce would reach a new record in the coming hours – surpassing $5,600 – with estimates suggesting that the strikes and Iran’s retaliation are driving investors toward safe-haven assets en masse.
Reasons for the price increase
This new surge is an extension of the strong upward trend gold has experienced since the beginning of the year, but the recent military escalation has provided a significant boost.
Gold is historically considered a hedge against geopolitical instability, particularly in the oil-rich Middle East.
The joint US-Israeli strikes targeting Iranian military and missile facilities have raised concerns about disruptions in energy supplies, which can increase global inflation and weaken the dollar, a factor that typically supports gold.
Continued purchases of gold by central banks as a strategic reserve, along with investor flows into gold exchange-traded funds, have also contributed to the upward trend.
Gold prices in Egypt on Monday
In the Egyptian market, the global gold price was reflected in the price of gold at jewelry stores.
Gold saw a significant increase in Saturday despite the closure of the global market, with an increase exceeding LE500 per gram for some karats.
According to the update from the Gold and Jewelry Manufacturers Division, on Monday, the prices were as follows:
A gram of 24-karat gold recorded LE 8,514. A gram of 21-karat gold reached LE 7,450. A gram of 18-karat gold hit LE 6,385.Gold experts and international institutions expect the upward trend to continue in the coming period, with the possibility of testing higher levels.
For example, analysts believe that gold could reach $5,500 or more if the conflict persists, potentially surpassing the previous record high of $5,600.
Institutions such as Goldman Sachs and JPMorgan predict that the dollar will reach $5,755 by the end of 2026, with the potential to reach $6,300 in escalating scenarios, supported by central banks’ continued purchases of approximately 850 tons annually.
Edited translation from Al-Masry Al-Youm
Gold prices soar after US-Israeli war on Iran Egypt Independent.
Hence then, the article about gold prices soar after us israeli war on iran was published today ( ) and is available on EGYPT INDEPENDENT ( Egypt ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Gold prices soar after US-Israeli war on Iran )
Also on site :