Global analysis of gold trade
Updated
Gold prices held firm on Friday and were on track for a fifth straight weekly gain as concerns about further tit-for-tat retaliation between Iran and Israel stoked safe-haven demand.
Spot gold prices rose to a high of $2,417.92 earlier in the session, with prices up more than 1% for the week. U.S. gold futures fell 0.2% to $2,393.50.
Gold prices soared early Friday, with the overnight spot market topping $2,400 after an explosion over an Iranian city that sources said was an Israeli attack.
“The escalation and de-escalation of the situation in the Middle East has taken control of the market. If the situation does de-escalate, then gold prices will correct or consolidate as safe-haven buying dries up. In the long term, since the Fed may not cut interest rates as soon as the market expects, Gold’s upward trend will continue.”
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