Gold hits record high amid Middle East tensions
Business
Gold rose to about $5,120 per ounce—up about 20% so far this year.
The jump comes as Middle East conflicts heat up and worries about inflation grow, especially with threats to the key oil route at the Strait of Hormuz.
Investors are turning to gold as a safe haven
When the world feels shaky, people flock to gold for safety—and that's exactly what's happening now.
Recent clashes between Iran and Israel, plus dramatic events like a US strike on an Iranian warship and NATO shooting down missiles over Turkey, have everyone looking for ways to protect their money.
Other precious metals are also seeing price increases
It's not just gold—silver climbed to $84.43 per ounce, while platinum and palladium are also up.
Basically, whenever uncertainty rises, so does interest in these "safe haven" metals.