Gold Rises Over 1% Following Iran’s Attack on Israel
Among other precious metals, spot silver rose 0.7% to $31.36 an ounce, platinum gained 1.2% to $987.70.
Iran fired ballistic missiles in retaliation for Israel’s campaign against Tehran’s allies.
Gold prices rose more than 1% on Tuesday, driven by safe-haven demand amid fears of an all-out war in the Middle East following Iran’s ballistic missile strikes against Israel.
Spot gold gained 1%, reaching $2,661.63 per ounce after hitting a record high of $2,685.42 on Thursday. U.S. gold futures rose 0.9% to $2,690.30. On Tuesday, Iran launched a barrage of ballistic missiles against Israel in retaliation for Israel’s campaign against Tehran’s allies, Hezbollah, in Lebanon.
Meanwhile, the yield on the U.S. 10-year bond fell, making non-yielding bullion more attractive.
The market is also closely watching U.S. labor data this week, along with statements from several Federal Reserve officials, for further clues about the Fed’s policy stance.
Among other precious metals, spot silver rose 0.7% to $31.36 an ounce, platinum gained 1.2% to $987.70, while palladium fell 0.6% to $994.50.
Copper and aluminum prices rose on Tuesday as economic stimulus measures from China, the world’s largest metals consumer, helped boost a recovery after profit-taking led to losses for both metals in the previous session.
Three-month copper on the London Metal Exchange (LME) rose 1.5% to $9,972 per metric ton, while aluminum gained 1.3% to $2,644.50.
Copper reached $10,158 per ton on Monday, its highest level since early June, before falling as investors adjusted positions ahead of China’s October 1-7 holiday. Aluminum hit $2,659 last week, its highest level since June 6.
Trading was thin on Tuesday due to the holiday in China, while the annual LME Week meeting continued in London.
With both copper and aluminum being good conductors of electricity, some companies in Asia and Europe are starting to replace copper with cheaper aluminum wire due to the growing price gap, according to consulting firm CRU on Tuesday.
LME nickel rose 1.1% to $17,675 per ton after reaching $17,795, its highest since June 14. China’s leading nickel producer, Tsingshan, reduced ferronickel production in Indonesia due to ongoing ore shortages, sources told Reuters.
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