Kathmandu – After traders recognized gold as a source of safe assets, the price of gold surged above $2,700 per ounce on Friday.

The price increase comes in the wake of Israel’s announcement of the assassination of Hamas leader Yahya Sinwar, which has heightened geopolitical uncertainty in the Middle East and beyond. As traders turn to gold as a safe asset, the resulting increase in demand has led to a sharp rise in its price.

In early Asian trading, gold reached an all-time high of $2,704.89 per ounce on Friday. On Thursday, the price of gold was stable at $2,688.83 per ounce. As Israel engages in conflict with Hamas in Gaza and Hezbollah in southern Lebanon, the turmoil in the Middle East has affected the gold market.

With central banks implementing measures to reduce interest rates, the price of gold has increased by approximately 30 percent since the beginning of this year. This consistent rise in value has made gold an increasingly attractive asset for investors.

Concerns over the ongoing war in Ukraine have naturally increased traders’ desire for secure investments.