Gold jumps over 2% toward $5,400 after US, Israel attack Iran
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Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran.
The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.
At the time of writing, Gold is up 1.50% on the day at around $5,350, with traders closely monitoring the situation to gauge how long the conflict may last.
Iran has stopped oil shipments through the Strait of Hormuz, spiking up oil prices and driving expectations of higher inflation, which bodes well for the so-called hedge against inflation – Gold.
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