Precious Metals Preview: COMEX gold rebounds towards lifetime high levels on soaring safe haven demand

Gold futures are accelerating gains towards its lifetime high level on Friday morning in Asia on safe haven demand amid escalating tensions in the Middle East. As per media report, Israel has launched unprecedented attack on Iran, targeting the heart of nation?s nuclear program and senior military leaders. The move plunges the Middle East into fresh uncertainty with the real risk of a wider regional war now breaking out. Besides, growing uncertainty over US trade policy after President Donald Trump threatened to impose unilateral tariffs is also keeping the yellow metal supported. The counter is currently quoting at $3449.40 an ounce, up more than 1% on the day and hovering at its highest level since the metal hit its all time high level above $3500 mark on April 22 during intraday moves. On the MCX, gold futures were holding above 98k mark.

Powered by Commodity Insights