Gold has a been one of the standout performers so far this year, setting new record highs on a regular basis, and last week a hot inflation report out of the US, followed by Iran’s attack on Israel over the weekend, gave the rally even more impetus.
The precious metal, historically both an inflation hedge and safe-haven asset, briefly traded above $2,400 an ounce on Friday after warnings of an attack by Iran on Israel hit the newswires. Whilst Iran’s barrage of more 300 drones and missiles against Israel on Saturday night was a bigger escalation that many anticipated, the gold price settled down to close at $2,383 on Monday after the absence of any fatalities gave Israel time to weight its response rather than take any rash retaliatory actions which would destabilise the Middle East further.
Earlier in the week, it was the US inflation report for March which extended gold’s bull run.
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