Gold prices have reached record levels amid geopolitical turmoil. – Company News – May 21, 2024

Gold prices hit a record high in Asian trading on Monday as rising geopolitical tensions in the Middle East boosted demand for ‘safe havens’. Additionally, the overall rally in metals markets also contributed to the rise in gold prices.

Spot gold prices rose nearly 1% to a record high of $2,454.1 per ounce. Gold futures expiring in June also set a record, reaching $2,444.55 per ounce.

Media reported that a helicopter carrying Iranian President Ibrahim Raisi and Foreign Minister crashed on Sunday. Both politicians were declared dead.

Raisi has been seen as a strong candidate to become Iran’s next supreme leader and has been one of the main hardliners fighting internal protests and the introduction of stricter morality laws.

Gold prices surged to record levels in April amid fears of war between Israel and Iran, but this scenario did not materialize. However, due to the current instability in the Middle East, the price of the yellow metal is rising once again. Moreover, Israel has continued to carry out airstrikes against the Gaza Strip, adding to tensions in the region.

Other precious metal prices also rose on Monday. Platinum futures rose 0.2% to $1,096.50 an ounce, while silver futures rose 3.2% to an 11-year high of $32,285 an ounce.