Gold prices soared past $3,440 per ounce on Friday, inching close to all-time highs following Israel’s airstrikes on Iranian nuclear and military sites.
The military offensive heightened concerns over growing instability in the Middle East—an essential oil-producing hub—prompting renewed market fears and adding to existing global financial uncertainty.
Investors sought refuge in safe-haven assets, triggering a sharp uptick in demand for gold as a hedge against market volatility and geopolitical risk. By 3:00 p.m., spot gold had risen 1.65% to $3,441.93, while Brent crude surged nearly 8%, reflecting worries about potential disruptions in oil supplies.
Gold mining stocks rallied in response to the favourable commodity price trend. On the JSE, the precious metals and mining index recorded a 1.22% increase in afternoon trading.
Among the top gainers was AngloGold Ashanti, rising about 4% to a new record of R897, while Gold Fields appreciated by 2.72%, hitting R458.80. Harmony Gold followed with a 3% gain, while DRDGold and Pan African Resources advanced by 1.7% and 0.6%, respectively.
“The precious metal’s surge directly followed Israel’s military action against Iran, with Israeli Prime Minister Benjamin Netanyahu confirming that the strikes targeted Iran’s nuclear facilities while acknowledging Iran’s continued ability to respond,” said Bianca Botes, director at Citadel.
