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Gold prices rose for a fifth consecutive session on Friday, inching closer to the key $2,000 an ounce level, as fears of a further escalation in the Middle East conflict fed the metal’s safe haven appeal.
“People fluttered into gold and found a sense of safety amid geo-political risks. If there is an escalation in the Middle East conflict, gold prices will push through $2,000,” Phillip Streible, chief market strategist at Blue Line Futures in Chicago, Since the onset of the Hamas-Israel conflict, bullion has added nearly $200 an ounce, and the precious metal has risen by 3.6% this week alone.
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