Gold and Silver Prices Surge Amid Middle East Conflict

Market Overview

On Thursday, gold and silver prices traded higher as the widening Middle East conflict drove investors towards safe-haven assets. A softer US dollar also supported gains in bullion prices.

Price Movements

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• Spot gold price rose 0.8% to $5,176.69 per ounce.
• US gold futures for April delivery were up 1% at $5,186.30.
• Spot silver rose 1.2% to $84.43 per ounce.
• Spot platinum price gained 2.1% to $2,193.65.
• Palladium price rose 0.5% to $1,683.

Market Drivers

The US-Iran war widened sharply after a US submarine sank an Iranian warship off Sri Lanka, killing at least 80 people, and NATO air defences destroyed an Iranian ballistic missile fired towards Turkey. The US dollar edged lower, making greenback-priced gold less expensive for holders of other currencies.

Year-to-Date Performance

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Gold prices have surged about 20% so far this year, notching successive record highs amid heightened global political and economic uncertainty.