Gold reached a two-week high in the global market on Wednesday, while investors are focused on the upcoming meeting of the US Federal Reserve and decisions related to interest rates.
Spot gold prices in the global market increased by 1.3%, after which gold reached $ 4,129.43 per ounce. This price is the highest level of gold since July 7. Similarly, the price of US gold futures also recorded a 1.4% increase, after which gold for August delivery reached $ 4,134.50 per ounce.
According to experts, investors have started buying gold again after the recent decline in prices. Market analysts say that investors are considering low prices as a better opportunity to buy, while hopes for diplomatic progress between the United States and Iran are also supporting gold prices.
On the other hand, oil prices have also increased due to the ongoing tension in the Middle East, which has increased concerns about inflation at the global level. According to experts, this situation is attracting investors to gold as a safe asset.
In the context of the regional situation, three oil tankers from Saudi Arabia to Asia changed their route in the Red Sea after threats from the Iran-backed Houthis in Yemen, which has further increased concerns about energy supply.
Experts say that if tensions in the Middle East continue and global economic uncertainty increases, further fluctuations in gold prices can be seen. Increases were also recorded in other precious metals, where significant improvements were seen in the prices of silver, platinum and palladium.
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