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June 16, 2025Gold price extends rally following Israeli attack on Iran
Gold prices rallied to a one-month peak on Thursday as simmering Middle East tensions, coupled with increased momentum for a Federal Reserve rate cut, drove the metal higher, as reported in mining.com.
Spot gold advanced 1.0% to $3,388.20 an ounce, closing in on the $3,400 mark for the first time since early May.
The rally comes amid renewed geopolitical concerns in the Middle East after reports of Israel considering an attack on Iran while the latter is set for nuclear deal talks with US. Gold, a safe-haven asset, surged after news of the possible military strike broke Wednesday evening.
