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Bloomberg Quint
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Gold Hits All-Time High: What Happens Next? A Look At Impact Of Past Geopolitical Events
- Gold prices have crossed Rs 1 lakh per 10 gram mark again, reaching an all-time high amidst fresh geopolitical tensions between Israel and Iran.
- Spot gold price advanced to $3,383.22 an ounce on June 12, highest in a week, due to escalating tension between Iran and Israel.
- Considered a safe haven asset, gold touched Rs 1 lakh in April and surged again after Israel's strikes on Iran on Friday.
- Gold prices surged, with Delhi selling 24-karat gold at Rs 10,155 per gram, reflecting over Rs 200 increase in a day.
- Analysts suggest that geopolitical tensions, such as US-China tensions and Russia-Ukraine war, usually impact gold prices significantly.
- A Senior Technical Analyst mentioned support levels for gold at $3,220 and $3,145, anticipating a possible correction.
- Analysts predict further escalation between Israel and Iran to contribute to a bullish mood in the gold market.
- Iran retaliated against Israel following the strikes; potential for international intervention could impact gold prices further.
- The US distancing itself from the conflict, but any spread could lead to lasting reactions in gold prices, especially if oil supplies are disrupted.
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