Gold Prices Soar Amid Middle East Tensions

Gold prices surged to almost $3,500 per ounce, driven by geopolitical tensions in the Middle East.

The price of gold reached $3,442.44 (£2,539.18) on Friday morning, a significant increase from the previous night's closing price.

Global stock markets tumbled after the airstrikes, leading to a surge in demand for gold.

Investors are seeking to hedge against potential future uncertainty by buying into gold.

The US denial of involvement in the conflict could lead to a more contained conflict, which could see gold prices face short-term pullbacks.

If tensions do not ease, gold prices could continue to rise.

Oil prices also rose, gaining 7.67% to $74.68 per barrel of brent, as traders fear that conflict could affect supply lines.

Shares in gold miners Endeavor and Fresnillo rose 1.7% and 1.1% respectively.

Gold has a proven track record of performing well during economic uncertainty and global conflicts due to its intrinsic value.

Investors are turning to gold as a safe haven to protect their assets during times of economic uncertainty or conflict.