Gold prices rose while Asian stocks mostly fell on Monday, as rising geopolitical tensions in the Middle East spurred demand for safe haven investments after Iran launched an unprecedented attack on Israel.
Japan’s Nikkei 225 and South Korea’s Kospi both fell more than 1% in morning trade. Hong Kong’s Hang Seng Index dropped 0.8%. But China’s Shanghai Composite Index rose 1.2%. Spot gold was up 0.6% at $2,358 per ounce on Monday. It had hit an all-time high of $2,431 per ounce on Friday because of fears of a potential attack by Iran on Israel. So far this year, bullion has surged 18%. US gold futures also added 0.1% on Monday. They are up 15% this year.
“Heightened tensions in the Middle East amid a worsening geopolitical backdrop kept commodity markets on edge,” analysts from ANZ said in a research report on Monday. Iran’s attack is likely to raise concerns of a possible disruption to oil supply, they said. “The extent of that risk will likely be determined by the reaction of Israel’s government,” the analysts added. The Middle East was plunged into uncharted waters after Iran launched scores of missiles toward Israel late Saturday.
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