Rally on the gold market sees no signs of easing. The precious metal is up over 1% today, and climbs above $2,270 per ounce mark for the first time in history. USD weakness and safe haven flows seem to be playing a key role in today's move higher.
Israeli strike on a building in Damascus, Syria that resulted in deaths of high ranking members of the Iran's Islamic Revolutionary Guards Corp has reignited fears over a Middle East conflict broadening. The strike was condemned by a number of Iran's allies, including Russia and China, while Iran itself vowed to retaliate in similar manner and magnitude. This sparks fears of a potential direct clash between Israel and Iran, and provides support for safe haven assets today.
Gold is also supported by US dollar weakening, with greenback being one of the worst performing G10 currencies today. Interestingly, the drop on USD market comes in spite of a pick-up in US yields today. GOLD is up almost 2% week-to-date and trades around 10% year-to-date higher.
Source: xStation5
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