Gold price remains stable after Israeli attack on Isfahan

Gold price remains stable after Israeli attack on Isfahan

The Israeli attack on the Iranian city of Isfahan has had little impact on gold prices despite the escalation in the Middle East. Currently, strong US economic data and the hawkish statements from the US central bankers seem to be largely ignored by market participants in the gold market. Gold thus maintains its reputation as a safe haven in uncertain times. There are no significant economic events on the economic calendar this Friday, but the Commitments of Traders report from the US regulator CFTC is eagerly awaited in the evening.

In the morning, the gold price was stable, while the most actively traded gold futures (June) had fallen by 0.20 to 2,397.80 dollars per troy ounce by 7:30 a.m. (CEST). The price of oil, on the other hand, showed a clear tendency to rise due to the growing threat of war between Israel and Iran. Despite a significant increase in stored oil reserves in the US in recent weeks, a military escalation in the Middle East could threaten global crude oil supplies.

The US and Britain have imposed additional sanctions against Iran, but these did not affect the country's oil sector. U.S. services firm Baker Hughes will release its weekly report on North American drilling activity this evening, which is expected to lead to increased attention in energy markets. On Friday morning, WTI futures rose $1.97 to $84.70, while Brent rose $1.89 to $89.00.