Gold trading volume increases during the Middle East crisis: data

SeoulSouth Korea’s gold trading volume rose sharply this month amid escalating tensions in the Middle East, data showed on Saturday.

Daily gold trading volume in the country reached 16.9 billion won ($12.25 million) on Friday, according to data from Korea Exchange (KRX), the country’s stock exchange operator.

This value marks a sharp increase from a daily average of 6.86 billion won for March, Yonhap news agency reported.

Such a rise follows tensions in the Middle East, prompted by Iranian drone and missile attacks on Israel earlier this month, which apparently forced investors to seek safe assets.

Israel reportedly carried out retaliatory strikes against Iran this week. On Friday, the average price of a 1-kilogram gold bar rose 10.3 percent month-on-month, while that of 100-gram gold nuggets rose 13.4 percent, according to the KRX.

“Instability in the Middle East is expected to remain at elevated levels for the time being, causing fluctuations in global oil prices and prompting investors to avoid risks,” said Samsung Securities researcher Yoo Seung-min. (IANS)

Also read: Gold Price Rises To A Lifetime High Amid Rising Geopolitical Tensions (sentinelassam.com)