Gold Hits Record High as Investors Seek Safety

In a remarkable surge, gold prices have reached a new zenith, touching $3,030 per ounce. This historic climb is attributed to investors flocking towards safer assets in light of escalating geopolitical conflicts. The recent resumption of attacks by Israel on the Gaza Strip has significantly contributed to this shift, prompting Yemen's Houthis to declare an intensification of their confrontation with the United States and Israel.

Market Movements Reflect Investor Anxiety

At 8:15 am ET, gold witnessed a 0.98% increase, trading at $3,030.80 per ounce. Similarly, silver experienced a 0.97% rise, reaching $34.19 per ounce by 8:16 am ET. Platinum and palladium also saw gains, with platinum increasing by 0.54% to $1,007.65 at 11:25 am CET and palladium advancing by 0.50% to $962.12 per ounce by 8:18 am ET. These movements underscore the market's response to the current geopolitical climate, with investors seeking refuge in precious metals.