Gold miners rise as Middle East conflict highlights safe-haven assets

The news: ASX-listed gold miners have lifted as conflict in the Middle East has investors looking to safe-haven assets.

The numbers: Resource companies have been among the ASX 200 benchmark's top performers by lunchtime, with gold miners De Grey Mining (+8.3%), Evolution Mining (+6.1%), West African Resources (+5.6%) and Bellevue Gold (+5.1%) all posting significant boosts. Oil and gas miner and explorer Karoon Energy (+6.1%) and PGE miner Chalice (+5.1%) had also lifted significantly by 12:20pm AEDT.

The context: Investors appear to have increased positions on commodities such as oil and safe haven assets like gold and the US dollar as they assess risk of Middle East instability on markets. Gunmen from the Palestinian group Hamas entered Israel in an unprecedented attack on Saturday, and Israel has since retaliated with air strikes on Gaza. Western countries, led by the United States, denounced the Hamas attack and pledged support for Israel. The US has sent a carrier strike group towards the eastern Mediterranean and Israel president Benjamin Netanyahu has told his country to brace for a long and difficult full-scale war.