Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on September 15, 2023.
Gold prices rose on Friday as risk aversion swept across financial markets following media reports on explosions in Iran, prompting fears of a wider regional conflict and increasing bullion's safe-haven appeal.
The news of Israel's attacks on Iran today "is driving gold price attention on the Middle East which has been the sole thing keeping the gold price moving higher for weeks now.
"Gold is not a monetary policy trade at the moment, it's a geopolitics trade," Rodda said.
Eventually, even if geopolitical risks subside, "Chinese gold reserve accumulation acts as the major catalyst.
Persons:
Bullion, Kyle Rodda, Rodda, Ilya Spivak
Organizations:
Novosibirsk Refining Plant, Reserve
Locations:
Novosibirsk, Russia, Iran, Israel