Gold, oil at new peaks amid West Asia tensions

Apr3,2024



Gold hit another record peak on Tuesday as traders bought safe-haven assets amid a surge in west asia tensionModest bets on a stronger dollar and US rate cuts are largely being ignored. spot gold It rose 0.9% to $2,269 an ounce after hitting an all-time high of $2,277.
global Oil benchmark brent Prices rose above $89 a barrel for the first time since October as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in West Asia.
Gold prices in India touched an all-time high at Rs 68,500 per 10 grams in Mumbai. In the previous session, the precious metal had closed at Rs 68,450 per 10 grams. Silver prices rose by Rs 800 to Rs 75,500 per kg. In the last session, prices had closed at Rs 74,700 per kg.
“We are seeing some safe haven demand in gold, which is related to the Israeli attacks on Iran's embassy in Syria,” said Daniel Ghali, commodities strategist at TD Securities. Ghaly said the latest rise in gold prices was also likely linked to short covering by family offices and proprietary trading shops.
Iran vowed to take revenge on Israel for the airstrike on the Iranian embassy compound in Damascus. Saxo Bank's Ole Hansen said an underlying bid from retail and central banks was being joined by momentum-following speculators, who have extended their already high longs after gold broke above $2,200. A mix of bullish tailwinds has driven bullion up nearly 10% so far this year.



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