financetom
World
financetom
/
World
/
PRECIOUS-Gold advances as Israel-Iran escalation fuels safe-haven bids
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
PRECIOUS-Gold advances as Israel-Iran escalation fuels safe-haven bids
Jun 13, 2025 7:10 AM

*

Trump tells Iran to make deal after Israel blasts

*

Spot gold up over 4% so far for the week

*

Platinum heads for weekly gain

(Rewrites for U.S. morning trading)

By Ashitha Shivaprasad and Sarah Qureshi

June 13 (Reuters) - 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.

Spot gold rose 1.7% at $3,439.79 an ounce as of 0923

EDT (1323 GMT), coming within striking distance of its record

high of $3,500.05 set in April. Prices gained more than 4% so

far this week.

U.S. gold futures added 1.7% to $3,461.

"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 a swathe of military commanders in what could be a

prolonged operation to prevent Tehran building an atomic weapon.

U.S. President Donald Trump suggested that Iran had brought

the attack on itself by resisting a U.S. ultimatum in talks to

restrict its nuclear program.

Softer U.S. inflation prints earlier this week added extra

shine to gold, bolstering expectations of interest rate cuts by

the Federal Reserve.

Bullion is widely regarded as a safe asset, especially

during times of economic turmoil and geopolitical unrest. It

also tends to thrive in a low interest rate environment.

Goldman Sachs reiterated its forecast that structurally

strong central bank buying will raise the gold price to

$3,700/toz by end-2025 and $4,000 by mid-2026. BofA sees a path

for gold to rally to $4,000/oz over the next 12 months.

On the physical front, demand in major Asian hubs weakened

this week as rates soared, with prices in India zooming past the

psychologically important 100,000-rupee mark.

Spot silver eased 0.3% at $36.24 per ounce, gaining

nearly 1% for the week.

Platinum fell 3.9% to $1,244.91 and was up 6.3% for

the week. Palladium fell 0.3% to $1,052.28 but added 0.7%

so far this week.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Mexico's annual inflation speeds up less than expected in May
Mexico's annual inflation speeds up less than expected in May
Jun 7, 2024
June 7 (Reuters) - Mexico's 12-month headline inflation index rose less than expected and core inflation eased in May, official data showed on Friday, raising questions about the central bank's next monetary policy move. The Bank of Mexico (Banxico) unanimously held its benchmark interest rate steady at 11% last month as inflation remains above its target range, but some believe...
European Equities Traded in the US as American Depositary Receipts Lower in Friday Trading
European Equities Traded in the US as American Depositary Receipts Lower in Friday Trading
Jun 7, 2024
11:19 AM EDT, 06/07/2024 (MT Newswires) -- European equities traded in the US as American depositary receipts were heading lower late Friday morning, declining 0.49% to 1,445.71 on the S&P Europe Select ADR Index. Despite the decline, the index is still poised to end the week up about 1.3%. From continental Europe, the gainers were led by biopharmaceutical company Genfit...
Jobs Growth Tops Forecasts as US Equity Futures Post Narrow Losses Pre-Bell
Jobs Growth Tops Forecasts as US Equity Futures Post Narrow Losses Pre-Bell
Jun 7, 2024
08:57 AM EDT, 06/07/2024 (MT Newswires) -- US equity futures were cautiously lower ahead of Friday's opening bell as traders digested the pivotal monthly jobs report. Dow Jones Industrial Average futures fell 0.3%, S&P 500 futures declined 0.3%, while Nasdaq futures were down 0.2%. Nonfarm payrolls, released at 8:30 am ET, increased by 272,000 in May versus a 165,000 gain...
Asian Equities Traded in the US as American Depositary Receipts Nudge Lower Friday; Set to End Week With Slight Gain
Asian Equities Traded in the US as American Depositary Receipts Nudge Lower Friday; Set to End Week With Slight Gain
Jun 7, 2024
10:38 AM EDT, 06/07/2024 (MT Newswires) -- Asian equities traded in the US as American depositary receipts were trending marginally lower Friday morning, declining 0.12% to 1,950.78 on the S&P Asia 50 ADR Index. Despite the decline, the index is set to close out the week modestly higher. From North Asia, the gainers were led by e-commerce fashion platform MOGU...
Copyright 2023-2026 - www.financetom.com All Rights Reserved