Gold prices rise, record highs in sight amid Iran-Israel fears

Investing.com-- Gold prices rose in Asian trade on Monday and were in sight of record highs as demand for safe havens was boosted by Iran’s attack on Israel, although strength in the dollar limited major gains in the yellow metal.

The move marked the potential entry of Iran into the long-running Israel-Hamas war, and presented the possibility of a greater conflict in the Middle East, which could also draw in the U.S.. The U.S. also appeared to be making attempts to deescalate the situation, stating that it will not engage in any retaliatory action against Iran., put a cap on greater gains in gold. The yellow metal’s outlook was also somewhat muddied by the prospect of higher-for-longer U.S. interest rates, following hotter-than-expected inflation readings last week.

Meanwhile, aluminum prices rallied on Monday on the prospect of tighter supplies, as the U.S. and UK placed new sanctions on Russia over its invasion of Ukraine.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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