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Gold gains on geopolitical concerns
Recently, gold prices increased due to escalating geopolitical tensions around the Strait of Hormuz, as investors sought safe havens. The spot gold price rose by 0.6% to reach $4,264.22 per ounce, while futures contracts climbed to $4,323.07. This came in tandem with Iranian attacks on targets in the Strait of Hormuz and measures to prevent the passage of American and Israeli ships, as well as escalating conflict in Yemen. Meanwhile, expectations are mounting that the Federal Reserve may raise interest rates if inflation continues to rise, with investors awaiting U.S. jobs data that could determine the future direction of monetary policy.
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