Gold prices climbed beyond $2,400 per ounce to an all-time high on Friday, aiming for their fourth week of gains as investors sought refuge in safe-haven assets amid Middle East concerns.
Spot gold rose 2.2% to $2,424.32 per ounce at 10:56 a.m. ET (1456 GMT) after hitting a record $2,419.79. Prices rose 4% week-to-week. U.S. gold futures rose 2.9% to $2,442.30.
Platinum surged beyond $1,000 per ounce to its highest level in nearly four months, following gold's rise. The pros outweigh the cons for gold. "Gold's recent surge is due to Middle East tensions," said EverBank president of world markets Chris Gaffney.
The White House said a potentially imminent Iranian strike on Israel is a genuine and viable danger, but did not provide timetable. It reiterated that the U.S. takes its responsibilities to defend Israel seriously.
"Gold continues to go from strength to strength as we witness fear of missing out on clear display," said Saxo Bank commodity strategy head Ole Hansen.
Gold rose despite traders reducing their expectations on an early Fed rate cut. U.S. stocks rose Thursday after new economic data renewed prospects of a falling inflation rate.
After March's strong CPI, Thursday's U.S. PPI was worse than predicted. Gold has resisted unfavorable data. A bull market pullback is healthy, but the trend will remain upward "Gaffney remarked.
Silver reached $29.60 per ounce, its highest level since early 2021, up 4%. Platinum gained 2.2% to $1,000.80 and palladium 2.7% to $1,075.00.
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