Gold prices resumed their rise, surpassing the $5,000 per ounce barrier once again on Wednesday, driven by escalating tensions between the United States and Iran, which boosted the appeal of the precious metal as a safe haven for investors.
By 03:53 GMT, spot gold rose 2.7% to $5,071.79 per ounce, following a strong jump of 5.9% in Tuesday’s session, the yellow metal’s largest daily gain since November 2008.
Gold had previously hit a record high of $5,594.82 per ounce during trading last Thursday, amid a wave of intensive buying linked to geopolitical risks.
In the futures market, U.S. gold futures for April delivery rose 3.2% to $5,092 per ounce, continuing the upward price trend.
Among other precious metals, spot silver rose 3.2% to $87.84 per ounce.
Platinum also rose 2.9% in spot trading, reaching $2,273.97 per ounce, after hitting its all-time high of $2,918.80 on January 26.
Palladium rose 3% to $1,784.67 per ounce, supported by improved investment demand amid market volatility.
It was noted that gold has returned to a strong rise and approached the $5,000 level, as geopolitical tension has boosted its appeal as a safe haven, especially following the downing of an Iranian drone by U.S. forces.
