Gold jumps more than 3% as investors buy

Gold prices rose more than three percent today, thanks to purchases driven by the decline they witnessed earlier this week, at a time when investors are awaiting any signs of a decline in the intensity of the conflict in the Middle East.

By 15:38 GMT, gold in spot transactions increased 3.6 percent to $4,536.29 per ounce.

US gold futures for April delivery rose 3.6 percent to $4,533.70.

“The recent sell-off provided a really good opportunity because the market went down… and prices fell below the 200-day moving average… This is a great time to buy gold,” said Daniel Pavilonis, chief market analyst at RJO Futures.

The price of gold in spot transactions reached its lowest level in four months at $4,097.99 on Monday.

“We will see a gradual rise over the next two weeks,” Pavilonis said. “If we get through this Iranian crisis, we will have an excellent opportunity to return to investing in high-risk assets.”

As for other precious metals, silver rose in spot transactions by 4.4 percent to $71.01 per ounce. Platinum increased in spot transactions by three percent to $1,882.05, and palladium rose 3.7 percent to $1,403.54.