Gold pushed higher in early Asia trading after US President Donald Trump called for the immediate evacuation of Tehran, boosting demand for havens as investors track hostilities between Israel and Iran.
Bullion rose as much as 0.4 per cent to top $3,400 an ounce, following a 1.4 per cent slide on Monday, which was the biggest daily decline in a month. Trump issued the call to empty the Iranian capital in a social-media post hours after he urged Iran’s leadership to sign a deal to limit its nuclear program.
The precious metal advanced by almost 4 per cent last week as Israel opened its military campaign against Iran’s nuclear program, sparking fears of a region-wide conflict and adding fresh impetus to a rally driven by the threat to global economic growth from Trump’s aggressive tariff agenda. Prices — currently about $100 short of the record hit in April — are on pace for a sixth monthly gain, which would be the best such run in more than two decades.
Spot gold was up 0.3 per cent to $3,395.46 an ounce at 7:37 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver gained, while platinum was little changed and palladium slipped.
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