Gold Spot Price $AU3733

Silver Spot Price $AU44.26

Platinum Spot Price $AU1517

Sharemarkets have plummeted on the Israel/Iran conflict news, now posting an almost 5% drop in 4 days (ASX200). The US500 has also suffered a similar fate – with many predicting that there is more downward pressure into the coming week.

The conflict situation over the weekend signifies the first large scale public retaliation from Iran to Israel, in response to Israel’s bombing of Iranian military targets in Syria in early April. Allies to both countries have started stating their alliances and social media over the weekend has been full of commentary on WW3 and extended conflict in the region.

It seems just months ago, amongst the ongoing Ukrainian/Russia conflict and Gaza that surely Iran wouldn’t be drawn into this mess. Looking back, this now seemed inevitable.

As expected, Gold and Silver exploded in price. Gold is up another $AUD200 since last Wednesday and now has $AUD4000/oz in its sights.

In a side comment to sharemarkets falling, if we see continued drops below 200MDA averages, we’d anticipate the FED (and the RBA) to start considering reducing interest rates sooner rather than later. It is just devastating that it is on the back of increasing conflict news from overseas.

Enjoy today’s charts.

Gold daily, with 200MDA