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The United States and Iran have reached a temporary peace agreement, easing market concerns about energy driven inflation and driving up gold prices in the early Asian trading session. Since the outbreak of the Middle East conflict at the end of February, the price of gold has fallen by over 20%. Analysts from ANZ Bank stated that the war has strengthened the structural reasons for investors to increase their gold allocation, including geopolitical fragmentation and people's perception of bonds as a diversification tool for investment portfolios.