Gold prices Hit 1-Month high – Is $2,000 the next stop? [Video]
|Gold prices surged above $1,900 per ounce on Friday trading above 1-month highs as geopolitical risk accelerates.
Gold is on track for a more than 4% rise this week, the most since mid-March, set for its best week in seven months, as conflict in the Middle East lifted safe-haven demand for the metal.
Expectations of an escalation in the conflict between Israel and Islamist group Hamas is driving gold prices higher.
Israel called for all civilians in the northern half of the Gaza Strip to relocate south within 24 hours, as it amassed tanks for an expected ground assault in response to an attack by Hamas.
Gold is considered a safe investment during times of geopolitical and economic turmoil.
In other metals, spot silver rose 3.7% and oil prices jumped $3 on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market.
Despite fluctuations through the week in both benchmarks, WTI was set for a weekly gain of almost 4%, after both contracts surged on Monday.
The uptick was driven by the potential for disruptions to Middle Eastern exports after Palestinian militant group Hamas' attack on Israel at the weekend threatened a possible wider conflict.
Also on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) kept its forecast for growth in global oil demand, citing signs of a resilient world economy so far this year and expected further demand gains in China, the world's biggest oil importer.
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