Gold Jumps as Israel-Iran 'Go to War' Over Nuclear Program
Friday, 6/13/2025 14:54
GOLD PRICES jumped in all currencies overnight Friday, spiking to multi-week and fresh record highs after Israel hit the "heart" of Iran's nuclear program with air strikes on 100 targets.
Crude oil spiked 13.0% towards 4-month highs, while global stock markets fell with copper and silver prices as well as the price of Western government bonds.
The drop in bond prices pushed 10-year US Treasury yields up 6 basis points from last night's 6-week low of 4.33% per annum, reached after
this week's heavy auctions of new debt met solid demand, defying analyst fears of a 'buyer's strike' over President Trump's tax-cutting Big Beautiful Bill.
US officials today denied any part in Israel's strikes, but Trump claimed that Israel's "next already planned attacks [will be] even more brutal."
Already rising in early Asian trade, the Dollar price of buying bullion in London − the largest center to store and
trade gold − rose 1.5% in 3 hours to peak at $3444 per Troy ounce, the highest since gold's current all-time top of $3500.
Gold also hit its highest since 22nd April in Israeli Shekel, Iranian Rial, Saudi Riyal and Turkish Lira, while setting fresh all-time highs in Japanese Yen and Indian Rupees.
"Never again is now today. Israel has shown that we have learned the lessons of history," said Israeli Prime Minister Benjamin Netanyahu early this morning, recalling Nazi Germany's genocide against the Jewish people in a televised address announcing the air strikes.
"The Zionist regime has prepared a bitter and painful fate for itself," said Iran's Supreme Leader, Ayatollah Ali Khamenei, as the theocratic dictatorship retaliated with a drone attack on Israel, calling the overnight airstrikes "a declaration of war" and reporting the 'martyrdom' of 6 nuclear scientists, 3 senior military commanders, and dozens of civilians.
With US and Iranian officials set to discuss Tehran's nuclear plans in Oman this weekend, Iran
was yesterday censured by the United Nations' atomic energy watchdog for its "many failures" to report and explain its continued uranium enrichment program.
"I can assure you that these actions have not affected our determination" to build nuclear energy facilities, claimed a spokesman for the Atomic Energy Organization of Iran.
Gold in No.1 consumer China rose for the 4th day running, ending Friday at its highest Yuan price in 5 weeks at ¥790 per gram. But the Shanghai premium over London prices fell to barely $2 per ounce, the lowest incentive for new bullion imports in over a fortnight, suggesting a sudden softening of wholesale demand.
Over in No.2 consumer India, "Demand is as good as dead," Reuters quotes one Mumbai bullion wholesaler as domestic gold prices set new highs above 22nd April's peak of 1 Lakh Rupees per 10 grams.
"Buyers think the price rise is temporary and
are waiting for a correction," forcing retailers to quote prices $60 per ounce below the official cost of imported bullion plus duty and tax.
London gold in Euros and UK Pounds meantime hit 5-week highs at €2991 and £2545 per Troy ounce.
Silver in contrast fell back, dropping for the first week in 4 at London's midday benchmarking auction but holding above $36 per Troy ounce after setting
new 13-year silver price highs for the more industrially-useful precious metal.
Platinum dropped too on Friday, halving the 11.7% weekly gain seen overnight at $1306 per Troy ounce, the highest spot-market print since February 2021.
Uranium doesn't trade in open markets, but the Sprott Physical Uranium Trust (OTCMKTS: SRUUF) ended Thursday's trade in New York close to a 4-month high, while sector-equity trust fund the Global X Uranium ETF (NYSEArca: URA) closed above $36 for the first time since March 2014.
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