Due to ongoing war against Iran and increasing tensions in the Middle East, gold prices in the global market have not seen the expected increase, which experts are calling an unusual situation.
According to reports, tensions in the region have been increasing since the US and Israel launched attacks on Iran on February 28. Ibrahim Jabbari, a senior adviser to Iran’s Revolutionary Guards, hinted at closing the Strait of Hormuz on March 2, after which the price of oil in the global market exceeded $ 100 per barrel. During this time, global stock markets also saw a decline, but gold remained relatively stable.
According to Arab media, spot gold remained at around $ 5,001 per ounce on Tuesday, while the price of US futures gold increased slightly to $ 5,005 per ounce.
Experts say that investors generally turn to gold as a safe investment during times of war, economic crisis or global uncertainty, which causes its prices to rise. For example, gold prices saw a significant increase at the beginning of the Russia-Ukraine war.
However, there are a few important reasons why gold prices have not increased in the current situation, including the strength of the US dollar, the previously high level of gold, high volatility in the market and the fear of an increase in interest rates.
According to economist Remi Boreau, gold is currently not considered a completely safe asset as before, but is mostly considered a speculative investment.
According to analysts, a significant change in gold prices is possible in two cases: if the US Federal Reserve gives a clear signal of a reduction in interest rates or if tensions related to Iran prolong and further increase global economic risks.
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