Gold Soars Amid Escalating US-Israeli Air War Against Iran
Gold prices have increased for five consecutive sessions due to rising tensions and a potential protracted conflict involving the US, Israel, and Iran. As the conflict continues, investors turn to gold as a safe-haven asset, while uncertainties loom over oil flows through the Strait of Hormuz.
Gold prices surged for a fifth straight session on Tuesday as investors sought safety amid the escalating conflict between the US and Israel against Iran, which threatens to evolve into a drawn-out regional war.
Spot gold increased by 1% to $5,377.21 per ounce as of 0122 GMT. The rise follows a weekend of US and Israeli strikes on Iran. US gold futures for April advanced to $5,391.90, up 1.5%. Amid uncertainty, gold dominates safe-haven demand.
The intensifying tensions could disrupt a fifth of global oil flows through the Strait of Hormuz, potentially causing crude prices to surge. Despite the stronger US dollar, gold remains attractive due to geopolitical uncertainties and inflation fears.
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