Khaberni - Gold prices rose on Thursday amid a declining dollar and following the expansion of the conflict in the Middle East, which pushed investors toward safe assets.
In spot transactions, gold climbed 0.8% to $5176.69 per ounce by 01:01 GMT.
The American futures contracts for gold for April delivery increased by 1% to $5186.30.
The dollar fell slightly, making gold priced in it less expensive for holders of other currencies.
The war between the United States and Iran sharply escalated yesterday, Wednesday, after a U.S. submarine sank an Iranian warship off the coast of Sri Lanka, resulting in at least 80 deaths. NATO’s air defenses destroyed an Iranian ballistic missile that was launched towards Turkey.
Gold, typically seen as a safe-haven asset, has risen about 20% since the beginning of the year to date, recording consecutive record levels amid growing political and economic uncertainty globally.
Investors are currently awaiting the release of weekly U.S. jobless claims data later today and the U.S. employment report for February, which is scheduled to be released tomorrow, Friday.
For other precious metals, silver in spot transactions rose 1.2% to $84.43 per ounce.
Platinum in spot transactions climbed 2.1% to $2193.65. Palladium increased by 0.5% to $1683.
