Strong demand for safe haven pushes gold to record peak

12/04/2024 Argaam

Gold prices recorded a peak today, April 12, heading for a weekly gain for the fourth straight time, as the geopolitical risks and China-related economic concerns boosted demand for the precious metal.

 

The gold spot prices edged up 0.9% to $2,394.87 per ounce at 09:34 GMT.

 

Gold futures also leapt 1.6% to $2,411.70 per ounce.

 

Silver spot prices also jumped 2.3% to $29.13 per ounce. Platinum spot prices added 1.8% to $997.51, and palladium moved 1.1% to $1,058 per ounce.

 

The three metals are heading for a weekly gain.

 

 Ricardo Evangelista, Chief Analyst at ActivTrades, highlighted the possibility of a further rise in gold prices amid central bank buying and strong demand for safe-haven assets, as well as high investor concerns about the escalation of geopolitical conflicts.

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