Gold prices are rising during these trading moments today, Monday, hovering near record highs set in the previous session, as traders closely monitor developments surrounding the conflict in the Middle East, which has encouraged buying of safe-haven assets like bullion.
Gold rose above $2,400 in the previous session and has gained over 14% so far this year, supported by strong buying from central banks and safe-haven flows amid ongoing geopolitical risks.
Gold Settlement on Friday
Gold futures prices trimmed gains during trading last Friday, but the most active contracts for the yellow metal settled higher for the third week in a row. At settlement, June gold futures prices were up about $1.4 at $2,374.1 an ounce, the eighth record high this month, after touching $2,448.80, for a weekly gain of 1.2%.
Gold and Dollar Now
Gold futures are now down 0.26% to $2,366 an ounce. While spot gold is up about 0.3% to $2,351 an ounce. After hitting an all-time high of $2,431.29 on Friday. On the other hand, the dollar index is down about 0.12% to 105.700 points.
Other Metals
Spot silver rose 1.9% to $28.41 an ounce, after hitting its highest level since early 2021 on Friday. Platinum fell 0.3% to $970.68 and palladium fell 0.3% to $1,046.73.
$1.5 Billion Liquidated After Bitcoin Crashed.. Will War Lead to a Bigger Crash?
Cryptocurrencies have not yet recovered from the sharp declines that hit them on Black Friday and Saturday for cryptocurrency traders, especially futures contracts.
Billionaire Liquidation – the Most Violent in 6 Months
The plunge in Bitcoin and alternative currencies, led by Ethereum, which fell below $2,900 before rebounding to $3,035.46 now, Solana, Dogecoin, and PEPE coin led to the liquidation of many buying positions of futures (futures) traders.
The War Between Israel and Iran and Bitcoin’s Position
Many cryptocurrency traders and analysts saw the decline as expected, as the market always experiences sharp declines before the Halving, as bulls adjust their positions, and this decline leads to the liquidation of many positions and the entry of new players into the market to buy these declines.
Bitcoin partially rebounded from its most violent sell-off in over a year. The recent market move comes against the backdrop of Iranian drone strikes on Israel in response to the bombing of the Iranian consulate in Damascus. The opening of the markets tomorrow, Monday, is awaited to assess the extent of the impact of this attack on foreign markets. However, the attack is a political response, and Iran was content with the attack that hit Ramon Airport and Nevatim Base.
Cryptocurrency market prices began to recover after the X account (formerly known as Twitter) associated with Iran’s permanent mission to the United Nations said that “it can be considered closed,” despite warning of “a much more serious attack” “if the Israeli occupation regime commits another mistake.”
And if the alternative scenario occurs and conflicts in the East between Iran and Israel develop, the idea that Bitcoin and other cryptocurrencies provide a safe haven in times of conflict, a view expressed by many asset class supporters, will be tested. When Russia occupied Ukraine in early 2022, cryptocurrencies were at the beginning of a market collapse that continued until the end of that year.
Cryptocurrency Prices Now
The cryptocurrency market capitalization is now $2.31 trillion, and Bitcoin is trading at $64,554 at 1:45 PM Riyadh time. Ethereum is trading at $3,059, down 6.59%, but managed to rise from the $2,900 low it hit last Saturday. Solana is trading at $143.5 and Dogecoin is trading at $0.156823.
Goldman Sachs Expects Gold Prices to Rise to $2,700 by This Time
The famous American investment bank Goldman Sachs (NYSE: GS) raised its gold price forecast for the end of this year, especially after geopolitical tensions escalated in the Middle East between Israel and Iran last Saturday, when Iran launched drones towards Israel, which boosted demand for gold in markets as a safe haven. In this regard, Goldman Sachs raised its gold price forecast from $2,300 to $2,700 an ounce by the end of 2024.
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Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.
