Safe-haven demand lifts gold rate to $2,400 recorded

The reason behind that record increase in Gold and Silver rates is geopolitical instability in Middleast between Iran and Israel, upsurge reports tell us that Israel is preparing for an assault from Iran in the next 2 days, to take revenge from Iran for its strike on countries diplomatic compound in Syria last week. The mentioned reason is explained on X by Bloomberg columnist Mohamed A. El-Erian, is that investors find gold to be a better cushion against geopolitical risk than government bonds.

Speaking on the reason for gold and silver rates rally on Friday, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, “The primary reason for skyrocketing gold and silver rates can be attributed to the Iran-Israel war news. The White House has issued a statement that Iran may attack Israel sooner than later, which has escalated the Middle East tension. That’s why gold prices and other precious metal prices are skyrocketing despite the rise in the US dollar rates and the US Treasury yields.”