NEW YORK - Gold prices witnessed a significant rise today, as investors turned to the safe-haven asset amidst escalating geopolitical tensions. The uptick in prices follows airstrikes carried out by the United States and the United Kingdom in Yemen. On New York's COMEX, February futures for gold reached a notable $2,051.60 per ounce, while spot gold was also up, trading at $2,038.88 per ounce.
The precious metal's value is often seen as a barometer for geopolitical stability, and today's increase reflects concerns over the potential fallout from the military actions in Yemen. Alongside the rise in gold prices, U.S. futures also saw an upward movement, with the value recorded at $2,043.35.
Investors typically flock to gold during times of uncertainty, and the current geopolitical climate has reinforced this trend. The airstrikes have raised apprehensions about the stability in the region, prompting a shift towards the relative safety of gold.
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