Tensions between the US and Iran boost gold; analysts see a short-term target of $5,600

Odaily Planet Daily Report: On Wednesday, driven by safe-haven demand, gold prices continued to rise. Spot gold surged by 2.7% on Monday, reaching $5,071.79 per ounce. The renewed geopolitical tensions between the US and Iran further boosted gold prices. Gold experienced its largest single-day gain since 2008 in the previous trading session. “Gold prices have rebounded to near the critical $5,000 level, … because geopolitical tensions increased the safe-haven appeal of gold after the US military shot down an Iranian drone,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities. “Looking ahead, gold prices may reach $5,100 in the near term… We expect gold to hit around $5,600 by the end of the first half or April, and then continue to rise. Our year-end target is $6,000 per ounce,” Trivedi added. (Jin10)