Muscat: Gold prices extended their rally for a fifth consecutive session today, as investors sought safe-haven assets amid escalating tensions in the Middle East. Spot gold advanced by 1% to reach $5,377.21 per ounce, maintaining strong upward momentum. US gold futures for April delivery climbed 1.5% to $5,391.90 per ounce. Among other precious metals, spot silver rose 1.4% to $90.67 per ounce, after touching its highest level in more than four weeks in the previous session. Spot platinum gained 0.6% to $2,316.50 per ounce, while palladium increased 1.6% to $1,795.08 per ounce.
According to Oman News Agency, the current geopolitical uncertainties have significantly influenced investors' behavior, leading to increased demand for gold and other precious metals. This trend reflects a broader market sentiment where high-risk situations push investors towards more stable and reliable assets. The persistent rise in gold prices highlights the ongoing concerns and economic implications of the tensions in the Middle East.