WASHINGTON (dpa-AFX) - Gold prices advanced more than 1 percent on Friday after Israel launched pre-emptive airstrikes against Iran, pushing investors to move towards safe-haven assets.
Front Month Comex Gold for June delivery jumped $50.30 or 1.5% to a new record closing high of $3,431.20 per troy ounce today. Notably, gold surged $108.50 or 3.3% this week.
Front Month Comex Silver for June delivery gained 6.80 cents 0.2% to $36.281 per troy ounce today. Silver climbed 25.60 cents or 0.7% this week.
Fears of Israel attacking Iran came true today when more than 200 Israeli Air Force fighter jets, hit hundreds of nuclear and military targets across Iran. In this operation, which the Israeli PM has termed 'Operation Rising Lion', three senior Iranian military leaders and six scientists were killed.
While US President Donald Trump has stated that Iran had brought the attack on itself, an Iranian spokesperson has warned that Israel would pay 'a heavy price' for its attacks.
With the geopolitical ecosystem shaken up with threats of more intense attacks and counter-attacks, investors flocked to safe-haven assets.
Notably, the US Dollar bounced back from its three-year low on Thursday.
On the trade front, Trump's threat to impose unilateral tariffs on US trading partners along with softer US inflation data released this week, pushed traders toward the yellow metal.
Analysts are watching the developments as a prolonged battle between the two nations could increase gold prices considerably in the coming days.
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