Military and geopolitical tensions have significantly impacted the surge in gold prices, reaching new highs in recent trading sessions. According to a report by a specialized Kuwaiti gold trading company, Dar Al-Sabaek, the escalating risks of ongoing military operations in the Middle East and incidents such as ship seizures by Houthis have been driving factors behind the unprecedented increase in gold prices. Gold futures have soared to $2,374 per ounce, with market experts anticipating further spikes as long as the military tensions persist in the region. The report highlights that gold has become a crucial investment amidst geopolitical uncertainties, with central banks, including the People’s Bank of China, ramping up their gold reserves. Investors globally are closely monitoring developments in the Middle East, the US, and China, anticipating gold to breach new peaks in the coming days. In the local market, prices for 24-carat and 22-carat gold stand at 23.5 dinars and 21.55 dinars per gram, respectively, while silver closed at 328 dinars per kilogram. The report underscores the pivotal role of gold as a safe-haven asset amid geopolitical instabilities, signaling continued market volatility in the foreseeable future.
Gold Prices Surge to Record High Amid Middle East Military Tensions – Kuwait
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