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Daily News Egypt
a day ago
- Business
- Daily News Egypt
Gold surges 3.7% amid escalating Middle East tensions: Gold Bullion
Global gold prices climbed sharply over the past week, fuelled by rising geopolitical tensions following military exchanges between Iran and Israel. The renewed conflict prompted a flight to safe-haven assets, driving gold to its highest level in two months. According to Gold Bullion, the price of gold rose by 3.7% during the week, reaching a peak of $3,446 per ounce—its highest since April. The metal opened the week at $3,317 and closed at $3,432 per ounce, with Friday's trading pushing it close to its all-time high of $3,500 recorded in April. The surge followed a significant escalation in the Middle East. In the early hours of Friday, Israel launched a series of strikes on Iranian territory, targeting suspected nuclear facilities, missile factories, and senior military officials. The move, which Israel described as a pre-emptive measure to halt Iran's nuclear ambitions, marked a serious escalation. Iran responded swiftly with missile attacks on areas in Tel Aviv, raising fears of a prolonged conflict. The tit-for-tat strikes heightened global uncertainty, reinforcing gold's role as a primary safe-haven asset. The precious metal also broke out of the sideways trading pattern that had characterised recent weeks, decisively surpassing the $3,400 level and maintaining upward momentum. Simultaneously, global crude oil prices spiked to their highest levels in six months amid concerns that the conflict could disrupt energy supplies. Iran has previously threatened to close the Strait of Hormuz, a key maritime route through which nearly 20% of global oil shipments pass. The surge in oil prices has raised concerns over a new wave of inflation, driven by rising energy and fuel costs. This, in turn, is likely to further boost demand for gold as a hedge against inflation, especially with the US dollar hovering near multi-month lows. Adding to the bullish sentiment, recent US economic data revealed a decline in inflation alongside a rise in jobless claims, fuelling expectations that the Federal Reserve may move to cut interest rates later this year. The post Gold surges 3.7% amid escalating Middle East tensions: Gold Bullion appeared first on Dailynewsegypt.
Daily News Egypt
a day ago
- Politics
- Daily News Egypt
Egyptian, Turkish leaders warn regional escalation risks ‘catastrophic repercussions'
Egyptian President Abdel Fattah Al-Sisi and his Turkish counterpart, Recep Tayyip Erdoğan, warned in a phone call on Saturday that ongoing Israeli escalation in the region could have catastrophic consequences for regional security and stability. According to a statement from the Egyptian presidency, the two leaders stressed that the current approach to the conflict could expose the resources of the region's peoples to grave danger and risked plunging the entire Middle East into 'overwhelming chaos' with consequences for all nations. Egyptian Presidency Spokesperson Mohamed El Shennawy said the leaders emphasised the need for an immediate halt to military actions. They also called for a return to negotiations between the United States and Iran, with Omani mediation, describing it as the only path to a peaceful resolution of the current crisis. The spokesperson added that Sisi stressed the need for a comprehensive approach to address all security concerns related to nuclear non-proliferation in the region. This would involve achieving the universality of the Non-Proliferation Treaty and establishing a Middle East zone free of weapons of mass destruction that includes all countries in the region. The two presidents also discussed the situation in the Gaza Strip. The spokesman said Sisi reiterated that a just and comprehensive solution to the Palestinian issue, through the establishment of an independent Palestinian state on the 1967 borders with East Jerusalem as its capital, is the 'only guarantee' for achieving lasting peace and stability. Sisi called for an immediate ceasefire in Gaza, a position the Turkish president supported. The leaders affirmed their complete rejection of the displacement of Palestinians from their land or the 'liquidation of the Palestinian cause,' and agreed to continue consultation and joint work to restore regional stability. The post Egyptian, Turkish leaders warn regional escalation risks 'catastrophic repercussions' appeared first on Dailynewsegypt.
