Gold prices rose on Monday to their highest level in 7\nyears, and the price of an ounce of palladium reached a record level of more\nthan $2000 as investors turned to the protection offered by the yellow metal,\namid escalating geopolitical tensions between the United States and Iran.<\/p>\n\n\n\n
In the spot market, the price of gold rose to $1,579.72 per\nounce, the highest level since April 2013. As the price of palladium reached a\nrecord level of $ 2020.18 an ounce, silver and platinum prices also rose.<\/p>\n\n\n\n
“Political geography is at the forefront,” says\nBenjamin Lu, analyst at Philip Futures. “The escalation of tension between\nIran and the United States has led to a rise in the price of gold,” the\nanalyst added.<\/p>\n\n\n\n
President Donald Trump threatened to impose severe sanctions\non Iraq on Sunday, after the Iraqi parliament called on US forces to leave its\nterritory. Likewise, the American President once again threatened Tehran with\n“severe retaliation” in the event of an Iranian attack on American\nfacilities in the Middle East, in response to the elimination of General Qassem\nSoleimani. <\/p>\n\n\n\n
In response, Iran announced on Sunday a further reduction of\nthe commitments made by the international nuclear agreement concluded in 2015,\nalso renouncing the last restriction of this agreement, which was still in\ncompliance, namely the limitation of the number of centrifuges.<\/p>\n\n\n\n
The risk aversion in financial markets lies behind the high\nprice of gold, which is considered a safe investment in times of political and\nfinancial uncertainty. “If gold crosses the resistance level at $1585 an\nounce, it will reach a new psychological level at $1,600,” Benjamin Lu\nsaid.<\/p>\n\n\n\n
But there are other factors behind the growth in the price\nof gold. Analysts believe that the US Federal Reserve is unlikely to increase\nthe benchmark interest rate over the next six months, which will continue to\nput pressure on the US dollar, both of which are positive for gold.<\/p>\n","protected":false},"excerpt":{"rendered":"
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