Gold Eyes Tehran Threat
Gold rose in early Asian trade on Tuesday after U.S. President Donald Trump called for the immediate evacuation of Tehran, boosting demand for the precious metal as investors monitored hostilities between Israel and Iran.
Bullion rose as much as 0.4% to $3,400 an ounce, following a 1.4% drop on Monday, its biggest daily drop in a month. Trump issued the call to evacuate Iran’s capital in a social media post hours after he urged Iranian leaders to sign a deal to curb its nuclear program.
The precious metal rose nearly 4% last week when Israel launched a military campaign against Iran’s nuclear program, stoking fears of conflict across the region and adding new impetus to a rally fueled by the threat to global economic growth from Trump’s aggressive tariff agenda. Current prices are about $100 shy of a record set in April on pace for a sixth monthly gain, which would be the best gain in more than two decades.
Spot gold rose 0.3% to $3,395.46 an ounce as of 7:37 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver rose, while platinum was little changed and palladium fell.
Source: Bloomberg
