Middle East

Geopolitical unrest propels gold prices to record highs

The report expected that gold prices would continue to rise throughout the week as long as military tensions continued in the region, especially after the recent attacks launched by Iran against the Israeli occupation. Geopolitics is currently outweighing technical considerations, pushing gold prices sharply higher, as last week saw with a $150 per ounce increase before a correction occurred near the end of trading. Gold futures for June delivery rose to $2,374 an ounce, marking the eighth record level reached in less than a month, after peaking at $2,448 during the previous week.

The report expects further increases when the markets open the next day, stressing the continued presence of factors that push gold to its highest levels. Central banks, particularly the People’s Bank of China, continue to boost gold reserves, with China increasing its holdings by 12 tons in February, bringing their total to 2,257 tons. Gold is currently seen as a crucial investment amid geopolitical risks, with investors closely monitoring developments in the Middle East and US and Chinese economic events. The report expects gold to reach new peaks throughout the week as long as military risks continue, especially in the Middle East.

In the local market, the price of 24-carat gold is 23.5 dinars per gram (about $71), while the price of 22-carat gold is 21.55 dinars per gram (about $66). Silver closed at 328 dinars per kilogram (about 1,000 dollars). Note: An ounce is a unit of mass, equivalent to 28.349 grams in some systems, and 31.103 grams in precious metals. (Kuna)

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  • Source of information and images “arabtimesonline

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