London – Gold prices recorded a new increase today, Tuesday. This marked its fifth consecutive session of gains. The rise is amid escalating geopolitical tensions in the Middle East. Investors are increasingly shifting towards safe-haven assets.
According to global market data, spot gold rose by 1%. It reached $5377.21 per ounce. U.S. gold futures for April delivery climbed by 1.5%. They hit $5391.90 per ounce. This was supported by widespread concern in international markets.
This increase followed recent military developments. These included U.S. and Israeli airstrikes on Iran. Concerns also arose about the potential closure of the Strait of Hormuz. This is a vital passage for global oil flow. This boosted demand for gold as a hedge against risks.
Analysts expect market volatility to continue. Gold remains supported by uncertainty. This relates to the conflict’s trajectory. Its potential impacts on the global economy and energy prices are also a factor.