MARKET COMMENTARY – Gold prices rise on Middle East tensions

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By David Brough

ISTANBUL, Turkey – Gold prices rose and remained below recent record peaks amid rising tensions in the Middle East.

Gold hit USD $2,385.22 per ounce on April 19, 2024, up 0.3 percent, not far off an all-time high of USD $2,431.29 per ounce touched on April 12, 2024.

MARKET COMMENTARY – Gold prices rise on Middle East tensions

Gold jewellery, seen at the April 17-20, 2024, edition of Istanbul Jewelry Show

News reports of an Israeli attack on Iran on April 19, 2024, underpinned gold prices, amid fears of a widening Middle East conflict, analysts said.

Gold can be seen as a “safe haven” during periods of geopolitical turmoil.

MARKET COMMENTARY – Gold prices rise on Middle East tensions

World Jewellery Confederation, CIBJO, President Gaetano Cavalieri, interviewed by @jewelleryoutlook Instagram on April 19, 2024

Turkish gold jewellery manufacturers, exhibiting at the Istanbul show, said that the highly volatile gold price, had led some wholesale buyers to remain sidelined.

The industry prefers a stable gold market scenario, but the latest geopolitical turmoil had increased gold price volatility.

Some analysts sees risks that the gold price could go higher this year. Goldman Sachs has raised its end-2024 gold price estimate to USD$2,700 per ounce, from USD $2,300 previously.

The Istanbul Jewelry Show is a showcase for exports of Turkish manufactured gold and silver jewellery.