Gold surges as Middle East tensions spur safe-haven rush

London, Apr 13 (BNA): Gold prices rose above $2,400 per ounce to an all-time high on Friday, heading for their fourth week of gains, as growing tensions in the Middle East prompted investors to seek refuge in the safe-haven assets.


Spot gold eased 0.8% to $2,353.35 per ounce as of 1:40 p.m. ET (1740 GMT), taking a breather after hitting a record high of $2,419.79. Prices were up around 1% for the week.


U.S. gold futures settled 0.1% higher at $2,374.1, Reuters reported. 


Taking cues from gold’s upward momentum, platinum tested the key $1,000 per ounce level to its highest level in nearly four months.


Gold’s recent surge arrived despite traders dialing back bets for an early interest rate cut from the Federal Reserve.


Meanwhile, Goldman Sachs hiked its year-end gold price forecast to $2,700 per ounce from $2,300, citing the metal’s bull market’s indifference to the usual macro factors.


Spot silver fell 1% to $28.21 per ounce, after touching its highest level since early 2021. Platinum rose 0.6% to $985.65 and palladium firmed 0.9% to $1,055.62.


All three metals were poised for weekly gains.




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