Gold miners rally as Israel attack on Iran triggers safe haven rush
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The news: ASX-listed gold producers gained as investors turned to the safe haven metal after Israel launched a series of attacks on Iran on Friday morning.
The numbers: Gold stocks made up seven of the top 10 performing ASX 200 companies at 2:40pm AEST.
Capricorn Metals (6.8%), Bellevue Gold (5.7%) and Newmont (5.4%) led the rally.
Spot gold climbed 1.2% to USD3,427 an ounce, according to Bloomberg data.
The context: Israel's attack on military and nuclear targets in Iran sparked a rush of demand for gold, as well as other safe-haven assets including the US dollar, the Japanese yen and the Swiss franc.
Israel's Prime Minister said the operation "will continue for as many days as it takes to remove this threat".
In a televised addressed, Iran’s Armed Forces spokesperson said Israel and the US will receive a "harsh blow" in response.
