Gold prices rose in early Asian trading amid growing geopolitical concerns in the Middle East. This increase occurred as tensions between Saudi Arabia and the United Arab Emirates escalated in recent days, prompting investors to seek safe haven assets like gold.
The situation escalated after Saudi Arabia warned its Gulf rivals against threatening its security. The kingdom asserted it would take all necessary steps to address potential threats. This strong statement sparked concerns about a possible escalation of conflict in the strategic region.
According to Bas Kooijman, CEO and asset manager of DHF Capital, conditions in the Middle East remain very fragile. He stated that the risk of escalation remains high, driving investor interest in safe-haven assets. This kind of global uncertainty typically increases the demand for gold.
In line with rising demand, the spot gold price rose 0.5 percent to US$4,341.07 per ounce. This increase indicates that gold has again become a primary choice for investors to protect their assets amidst ongoing geopolitical tensions. (az)
Source: Newsmaker.id
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