The tension in the Middle East brought gold prices to record levels. US banking giant Goldman Sachs also updated its gold forecast upwards.
Gold prices rose to record levels due to the increasing tension in the Middle East.
An ounce of gold tested $2,400 in the spot market and reached its highest level of all time.
Analysts stated that the rise in gold was influenced by the increasing safe haven demand along with geopolitical risks and concerns about the Chinese economy.
Goldman Sachs increased its year-end gold price forecast from $2,300 to $2,700 per ounce.
In Goldman’s analysis, it was stated that the upward trend in gold will continue as the Fed’s monetary policy steps are influenced by the US elections and developments in the global economy.
TENSION HAS REACHED THE PEAK IN THE MIDDLE EAST
Iran-Israel tension in the Middle East has reached its peak.
Iran made a statement after the embassy attack in Damascus: “Legitimate defense is a necessity.”
US media claimed that Iran could attack Israel within 48 hours.
Israel, on the other hand, announced that they were “on guard” against the possibility of retaliation.
Source: NTV / Prepared by Irem Yildiz