Gold Prices Reach Highest Level in 6 Years and 8 Months Amid Rising US-Iran Tensions

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] As tensions between the United States and Iran escalate, demand for safe-haven assets has increased, pushing international gold prices to their highest level in 6 years and 8 months on the 6th.

According to Bloomberg, around 8 a.m. that day, the spot price of gold rose 2.3% from the previous trading day to $1,588.13 per ounce. This is the highest level since April 2013.

Gold futures on the Chicago Mercantile Exchange (CMX) also traded 2.5% higher than the previous day at $1,590.90 per ounce.

Industrial precious metals are also showing strength.

The spot price of palladium, used in exhaust purification devices, rose 1.2% that morning to $2,013.90 per ounce, surpassing the $2,000 mark. Silver (2.49%) and platinum (1.05%) also showed upward trends.

Goldman Sachs forecasted, "If the conflict between the U.S. and Iran intensifies further, gold prices will rise additionally."