Hello traders,
Last week, gold witnessed its best weekly gain since March as the demand for safe-haven assets continues to rise amid the ongoing Israel-Hamas military conflict.
In the current politically unstable environment, investors are flocking to gold. Additionally, the US tightening its sanctions on Russia's crude oil exports on Friday led to an increase in oil prices, reaching $90 per barrel. As oil prices continue to rise, gold's role as a safe-haven asset against inflation becomes even more beneficial.
At the time of writing, gold is trading at $1912 per ounce.
Last week, gold witnessed its best weekly gain since March as the demand for safe-haven assets continues to rise amid the ongoing Israel-Hamas military conflict.
In the current politically unstable environment, investors are flocking to gold. Additionally, the US tightening its sanctions on Russia's crude oil exports on Friday led to an increase in oil prices, reaching $90 per barrel. As oil prices continue to rise, gold's role as a safe-haven asset against inflation becomes even more beneficial.
At the time of writing, gold is trading at $1912 per ounce.
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