Gold Breaks Above $1,350, €1,200 And £1,060 – Risk Of War In The Middle-East

Gold prices jumped another 1% today, surpassing the key $1,350 level for the first time since April last year. Gold made strong gains in all currencies including the euro and the pound, rising above €1,200 and £1,060 per ounce respectively.

Gold in EUR – 1 Year

Poor economic data from China, the UK, the EU and the United States, and a significant escalation in tensions in the Middle East is seeing an increase in safe haven demand.

Spot gold climbed 1% to $1,356 per ounce by late morning in Europe. It reached its highest level since April 11, 2018 at $1,358.04 in early European trading.

Frequently, gold prices go lower as gold futures get sold in volume as U.S. markets open. However, as the drums of war with Iran bang louder and given the scale of the tensions in the Middle East, gold should see more hedging and safe haven demand today as we head into the weekend.

Gold bullion has gained another 1.2% so far this week and the precious metal is on track for its fourth consecutive weekly gain which bodes well technically.

Silver also gained 1% to $15.05, its highest in a week, while platinum gained 0.7% to $813.08.

Palladium has surged 7% this week and rose another 0.4% to $1,450/oz today. Palladium is on track for its best week in nearly 9 months.

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