Gold rises as the conflict in the Middle East escalates, and the dollar stops rising

Gold prices rose today, Wednesday, with the escalation of the conflict in the Middle East, which caused an increase in demand for safe havens, while the cessation of the dollar’s ​​rise contributed to supporting prices.

Gold rose in instant transactions by 1.6 percent to $5,166.75 per ounce by 14:12 GMT, after falling by more than four percent yesterday, Tuesday. US gold futures for April delivery rose 1.1 percent to $5,177.60.

Peter Grant, vice president of Zanner Metals and chief metals expert at the company, said, “The dollar has seen a decline, which provides some support. In general, macro fundamentals are still supportive of gold in general. Certainly, as long as the war with Iran continues, that will remain supportive as well.”

He added, “There is a risk of continued volatility. But I am still optimistic and I believe that we will witness new, unprecedented heights.”

The dollar fell after sharp gains yesterday, Tuesday, making gold denominated in the US currency more accessible to buyers who hold other currencies.