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Gold advances as Israel-Iran conflict fuels safe-haven bids
Business World Philippines
|June 16, 2025
GOLD prices soared on Friday as investors flocked to safe-haven assets following Israeli airstrikes on Iran, re-igniting fears of a broader conflict in the Middle East.
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Spot gold rose 1.3% at $3,428.10 an ounce (oz) as of 1:49 p.m. EDT (1749 GMT), coming within striking distance of its record high of $3,500.05 set in April. Prices gained about 4% so far this week.
US gold futures settled 1.5% higher at $3,452.80.
“Israel knocking out Iranian targets is causing a little bit of geopolitical scare in the market. Prices will stay elevated in the anticipation of what is to come, the retaliation by Iran,” said Daniel Pavilonis, senior market strategist at RJO Futures.
Israel launched a barrage of strikes across Iran on Friday, saying it had attacked nuclear facilities and missile factories and killed military commanders in what could be a prolonged operation to prevent Tehran from building an atomic weapon.
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