Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Market reaction to Israel's attacks on Iranian nuclear sites sends oil and gold prices jumping while the Dow, S&P 500 and Nasdaq sink as investors abandon riskier assets.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Gold prices have stabilized in recent weeks after notching a record high of $3,500 an ounce in April, but UBS believes the consolidation may lay the groundwork for another move higher. The pause follows a stretch of mixed US economic data, shifting expectations for Federal Reserve policy, and renewed uncertainty around global trade.
With Middle East tensions at a fever pitch, investors everywhere are flocking to safe-haven assets.
Gold has rallied a bit in the early hours of Friday trading, as the market reacted to the idea of the Israeli airstrikes against the Iranians. Because of this, the market continues to see a lot of frayed nerves, and people want the safety of certain assets such as gold.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Gina Sanchez, CEO of Chantico Global, and Patrick Armstrong, CIO of Plurimi Wealth, say markets are looking past Iran-Israel tensions. Defense, gold, and inflation-protected bonds stand out.
Gold and crude oil prices rose after Israeli airstrikes targeted Iran's nuclear facilities and military leadership, fuelling fears of wider conflict in the Middle East. In early trading, the yellow metal was up 1.3% at $3,446.20, while Brent jumped 6% to $70.59.
Markets have reacted swiftly to escalating tensions in the Middle East following Israel's overnight launch of pre-emptive strikes against Iran. The attack, along with growing concern over Tehran's nuclear program, sparked a sharp rally in both gold and oil prices.
Tensions between the U.S. and Iran have been rising, but the big moves in gold and oil prices can help gauge just how serious the situation has become — and hint at what's next for global financial markets.