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Gold jumps above $4,100 an ounce as Iran-US tensions escalate
Gold accelerated to around $4,140 an ounce after breaking above the $4,100 level, while USD/JPY stayed near a 40-year high around 163.20.
Gold prices rose sharply amid further escalation in Middle East tensions involving US and Iranian forces, with strikes reported across multiple Iranian cities and ports. Forexlive said Iran warned that a US attack on its nuclear sites would target US and allied interests in the region, while Kuwait reported intercepting Iranian drones.
As the fighting intensified, gold climbed above $4,100 per ounce and then accelerated to around $4,140, extending a recovery that had already pushed the metal back near a two-week high earlier in the week. The outlet linked the move to structural support from central banks, led by China, and to signs that gold had been undervaluing the conflict risk premium during much of the war.
Forexlive also noted the impact on currency and risk sentiment, saying the dollar kept firmer pressure on USD/JPY, which held close to its recent 40-year high near 163.20. It added that regional equities took direction from Wall Street, with Japan's Nikkei up more than 1.5% and South Korea's Kospi up more than 4.5%, despite the intensifying Gulf exchanges.
Latest closeGold $4,117.00 ▲1.1%|Nikkei 225 66,115.60 ▼0.2%|Kospi 6,797.70 ▲0.7%