The price of gold in global commodity markets has approached $4,600, APA-Economics reports.
According to the report, prices of precious and industrial metals have increased on international exchanges.
On the COMEX exchange, June gold futures rose by 1.04% or $46.9 to reach $4,571.2 per ounce. In the spot market, gold prices increased by 0.86% or $38.49 to $4,532.6.
May silver futures rose by 1.47% or $1.02 to $70.82, while May copper futures increased by 0.48% or $2.65 to $552.1. Meanwhile, the spot price of platinum rose by 2.91% or $55.7 to $1,923.5.
According to analysts, the rise in precious metals is mainly driven by the weakening of the U.S. dollar, increased demand for safe-haven assets amid rising geopolitical risks in the Middle East, and strengthening inflation expectations.
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