Gold price today: bullion surges toward all-time high as Israel-Iran conflict triggers safe-haven rush and fuels global market fears
Gold prices surge near two-month highs after Israel's major strike on Iran: What's driving the safe-haven rally?-
Gold prices soared close to record highs on Friday, following a powerful military strike by Israel on Iran that hit dozens of military and nuclear facilities. The escalating tensions between two of the Middle East's biggest powers triggered strong demand for traditional safe-haven assets like gold, with spot prices climbing sharply in early morning trade.
At 07:10 ET (11:10 GMT), spot gold was up 0.9% at $3,417.10 per ounce, while gold futures for August delivery jumped 1% to $3,436.90/oz. Both are on track for weekly gains of about 3%, according to Investing.com. These levels place gold prices just shy of their all-time high of $3,500 seen back in April 2025.
Gold price reaction – Friday, June 13, 2025
Gold prices surged on Friday as escalating geopolitical tensions in the Middle East triggered a global flight to safety. Spot gold climbed 0.9% to $3,417.10 per ounce by 11:10 GMT, edging closer to its record high near $3,500 set in April.
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August gold futures also rose sharply, gaining around 1% to $3,436.90 per ounce, bringing their weekly gain to roughly 3%. At one point during the session, futures prices soared as high as $3,466.74 per ounce, before settling between $3,436 and $3,444, highlighting the market's heightened volatility.
What's driving the gold price surge?
Safe-haven demand
skyrocketed after Israel launched strikes on Iran, leading investors to move their money into traditional safety assets like gold.
Weaker-than-expected U.S. inflation data
(both CPI and PPI) raised the likelihood of a Federal Reserve rate cut in the near term, making non-yielding assets like gold more attractive.
The
escalating Middle East conflict
has added a geopolitical risk premium to gold, with fears of wider regional instability driving demand higher.
Market & macro outlook
Despite the strong upside, analysts note that gold futures may face resistance around $3,444, while support is seen near $3,380—suggesting a potential short-term pullback if geopolitical tensions ease over the weekend.
Live Events
At the same time, ongoing concerns about global trade disruptions, including recent U.S. tariff announcements, are contributing to mixed pressure on commodity markets.
Additional insights
Spot gold hovered around $3,427.36
, while U.S. gold futures were last seen near
$3,448.70 per ounce
, with
weekly gains estimated at 3.5%
.
In contrast,
cryptocurrencies took a hit
, with Bitcoin and other major tokens dropping between 2% and 10%, weakening the narrative of digital assets as alternative safe-haven investments.
Why did Israel's strike on Iran cause gold prices to jump?
The sharp rise in gold prices followed reports that Israel had launched a major military offensive on Iran, targeting 'dozens' of military and nuclear sites. This marks one of the most significant attacks on Iran since the Iran-Iraq war in the 1980s.
U.S. Secretary of State Marco Rubio said Israel acted independently in self-defense, just days ahead of a planned sixth round of U.S.-Iran nuclear deal talks. The White House had earlier hinted at possible military action if negotiations failed, with a crucial deadline ending Thursday.
In retaliation, Iran launched more than 100 drones toward Israel. This prompted Israeli authorities to sound sirens and declare a state of emergency, bracing for an expected wave of missile and drone counterattacks from Tehran.
What does rising geopolitical risk mean for investors?
Gold is traditionally considered a safe-haven asset, especially during times of geopolitical uncertainty. As the Middle East conflict escalates, investors tend to move their money into gold, seeking stability against the backdrop of war threats and regional instability.
With the Israel-Iran conflict intensifying, risk-averse investors appear to be flocking toward gold as a hedge. Analysts suggest that until the situation calms, demand for gold could remain strong and push prices further toward April's historic highs.
Is U.S. inflation cooling and helping gold's momentum?
Another key factor supporting gold is the cooling inflation trend in the United States. Recent U.S. economic data showed a rise in jobless claims and weaker producer prices, raising hopes that the Federal Reserve may be inching closer to cutting interest rates later this year.
Since gold doesn't pay interest, it typically becomes more attractive when borrowing costs are expected to drop. The Fed's potential policy shift has added further upward pressure on gold, encouraging investors to lock in positions amid changing market dynamics.
What's happening in other metal markets?
While gold continues its upward streak, other precious and industrial metals saw mixed movements:
Platinum futures fell 2.4%, but remain near a four-year high
Silver futures dipped 0.2% to $36.23/oz, still hovering around a 13-year peak
Copper futures on the London Metal Exchange dropped 1.5% to $9,553.05 per ton
U.S. copper futures declined 2.1% to $4.7380 per pound
The dip in industrial metals, including copper and platinum, reflects caution over trade-related tensions and geopolitical instability.
Could the U.S.-China trade situation impact bullion further?
Gold prices had already begun climbing earlier this week due to lingering U.S.-China trade uncertainties. Although there are signs of progress between the two countries, the lack of concrete terms in the trade agreement has kept investors wary.
In addition, Goldman Sachs recently revised its forecast for a U.S. recession, lowering the probability to 30% from 35%. The move was based on easing market anxiety following U.S. President Donald Trump's renewed commitment to the U.S.-China trade deal, which has helped ease market volatility but hasn't fully reassured investors yet.
What should investors watch in the days ahead?
Gold prices could remain volatile as the Israel-Iran conflict evolves. Any further escalation could send spot prices soaring beyond the $3,500 mark, especially if safe-haven demand continues to spike. On the macroeconomic front, Fed signals, inflation trends, and global trade developments will all play critical roles in shaping the short-term direction of gold and related commodities.
With both geopolitical tensions and economic uncertainty in play, gold may continue to draw strong investor interest as a defensive asset in the coming weeks.
FAQs:
What caused gold prices to rise today?
Gold prices jumped due to Israel's military strike on Iran, triggering safe-haven demand.
Why is gold seen as a safe haven in war?
Gold holds value during war and crisis, making it a trusted safe-haven asset.
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