Iran President Ebrahim Raisi died in a helicopter crash on Sunday in mountainous terrain near the Azerbaijan border. After the news of the death of the Iran president, the prices of gold have hit all-time highs, and the prices of crude oil have also increased due to the political uncertainties in the Middle East region.
Gold Prices After Iran President Ebrahim Raisi’s Death
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After the news of Ebrahim Raisi’s death broke, the price of gold hit an all-time high. Gold prices usually increase when global uncertainties exist, and investors consider gold a safe-haven asset.
Spot gold has risen 1% to $2,438.44 per ounce after hitting a record of $2,449.89 earlier in the session. Apart from the death of Iran’s President, the slowing US inflation trend has also supported the price hike of gold with the expectation that the US Federal Reserve could soon deliver its first interest rate cut. Silver has also been seen as high at its 11-year peak.
Apart from gold, crude oil prices increased on Monday due to political uncertainties in Middle Eastern countries. Brent gained 0.5% to $84.39 a barrel by 0632 GMT, its highest since 10 May.
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