Global gold prices closed higher at the end of yesterday’s trading to climb by more than 3%, achieving their best weekly performance in seven months, as the growing conflict in the Middle East prompted investors to look for safe haven assets, according to Reuters.
At the close, spot gold prices rose 3.2% to 1928.15 dollars per ounce.
Gold prices in US gold futures rose at the settlement 3.1 % to 1941.50 dollars. Gold prices rose 5.2% over the past week.
Zero-yielding bullion received additional support from expectations that US interest rates may have peaked.
Investors continued to follow the developments of the conflict in the Middle East, which has worried the markets since the beginning of the week.
Israel said its infantry and armored forces carried out raids inside the Gaza Strip, its first announcement of a shift from air warfare to ground operations to eliminate Palestinian Resisters a week after their offensive in southern Israel. This has led to increased flows to assets that are considered safe havens, such as gold.
Among other precious metals, silver in spot transactions rose 4% to 22.72 dollars per ounce, achieving the first weekly gain in three weeks.
Platinum rose 1.4% to 880.42 dollars, while palladium fell 0.3% to 1141.24 dollars, heading towards a weekly decline.
