XAUUSD : Gold has continued its upward momentum
Updated
Gold surpassed the $2,400 mark due to concerns about conflict in the Middle East
Gold surpassed $2,400 an ounce as concerns about rising tensions between Israel and Iran boosted demand for the safe-haven asset.
Gold prices rose as much as 1.3% and are headed for a fifth consecutive week of increases after unverified reports of attacks in Iran, Syria and Iraq.
Tensions between Iran and Israel have increased since last weekend's attack, with Iran warning against attacking its nuclear facilities and threatening to respond in kind if they are attacked. Meanwhile, the US called for peace measures.
raises concerns that the Fed will wait further before cutting interest rates because high interest rates often have a negative impact on gold.
Strong demand from global central banks and Chinese consumers has also supported gold prices. Data on Thursday showed gold exports from Switzerland to China rose 31% in March compared with February.
Spot gold increased 1.1% to 2,404.95 USD/ounce. The Bloomberg Dollar Spot Index rose 0.2%. Silver, palladium and platinum also rose.
Gold surpassed $2,400 an ounce as concerns about rising tensions between Israel and Iran boosted demand for the safe-haven asset.
Gold prices rose as much as 1.3% and are headed for a fifth consecutive week of increases after unverified reports of attacks in Iran, Syria and Iraq.
Tensions between Iran and Israel have increased since last weekend's attack, with Iran warning against attacking its nuclear facilities and threatening to respond in kind if they are attacked. Meanwhile, the US called for peace measures.
raises concerns that the Fed will wait further before cutting interest rates because high interest rates often have a negative impact on gold.
Strong demand from global central banks and Chinese consumers has also supported gold prices. Data on Thursday showed gold exports from Switzerland to China rose 31% in March compared with February.
Spot gold increased 1.1% to 2,404.95 USD/ounce. The Bloomberg Dollar Spot Index rose 0.2%. Silver, palladium and platinum also rose.
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