Flight to Gold: Prices Rise for the Fourth Day
Flight to Gold: Prices Rise for the Fourth Day
Gold prices continued their upward trend for the fourth consecutive day amid escalating tensions in the Middle East. Spot gold tested the $5,379 level, with market analysts closely monitoring events in the Strait of Hormuz.
Global markets remain shaken by news of the escalating conflict in the region. Increased airstrikes by the U.S. and Israel on Iran, along with the risk of the conflict turning into a prolonged regional war, have prompted investors to move away from risky assets and turn to gold, widely regarded as a safe-haven asset.
📈 Market Update: Spot gold, after rising to $5,379.87, stabilized around $5,372, marking a 0.75% increase from yesterday.
The price per gram of gold rose to 7,607 Turkish Lira and currently stands at 7,593 TL, up 0.73% from the previous day.
Analyst Commentary
"Gold is experiencing the highest demand as a safe-haven asset," said Tim Waterer, Chief Analyst at KCM Trade. Following terrorist attacks over the weekend, the precious metal reached a four-week high. He emphasized that uncertainty over the scale and duration of the conflict is a key factor in pricing, and interest in gold may persist until the situation stabilizes.
Risk in the Strait of Hormuz
News from the region has raised concerns not only about precious metals but also about energy corridors. According to Iranian media, a senior official from the Islamic Revolutionary Guard Corps announced the closure of the strategic Strait of Hormuz and threats to target vessels. This passage handles roughly one-fifth of global oil shipments and could drive commodity prices higher.
Gold Technical Levels
- ⬆️ Resistance: $5,410. A breakthrough could accelerate gains to $5,506.
- ⬇️ Support: $5,302. A drop below this level could trigger a correction to the $5,194–$5,253 range.
Silver Also Rises
Gold's rise is reflected in other precious metals. Spot silver increased by 0.13% to $90.15 per ounce.
📊 Key Takeaway: Geopolitical tensions in the Middle East continue to drive safe-haven demand for gold, with prices expected to remain volatile as the situation evolves.
Precious Metals Update | March 2026
