Gold Price Edges Higher Amid Escalating Middle East Tensions

Gold prices surged to nearly record highs following Iran's attack on Israel, as investors sought refuge in haven assets.

Annisa Kurniasari Saumi

16 Apr 2024 - 14.53
Gold Price Edges Higher Amid Escalating Middle East Tensions

The price of gold is approaching US$2,000 and the stock prices of gold issuers are trailing. Bloomberg

Bisnis, JAKARTA— The price of gold commodities surged once more to $2,372 per troy ounce at the opening of trading on Monday (15/4/2024), following Iran's counterattack against Israel at the end of the previous week. However, this strengthening is anticipated to be transient.

Profit Director at Forexindo Berjangka Ibrahim Assuaibi remarked that Iran's direct assault on Israel on Sunday caught many off guard, as numerous observers had previously speculated that Iran would attack a third party.

However, Ibrahim stated that the current events are surpassing observers' expectations, catching even the United States by surprise. "This will result in a strengthening of world oil and gold prices, while the rupiah is expected to weaken," Ibrahim remarked, as quoted on Monday (15/4/2024).

He also suggested that the price of gold is likely to continue its ascent, with the current target set at $2,350 per troy ounce. Should this target be reached, the next milestone for gold prices would be $2,400 per troy ounce. Given the heightened political tensions in the Middle East, Ibrahim anticipates further increases in gold prices.

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