Gold miners surge as haven asset demand lifts amid US-Israel war on Iran
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The news: Gold miners were among the biggest gainers on the ASX 200 in morning trade as the spot price of the haven asset surged after the United States and Israel waged war on Iran.
The numbers: At 11:34am AEDT, the spot price of gold had lifted 1.67% to USD5,366.39 ($7,591.98) per ounce.
Ora Banda Mining shares had lifted 9.3% to $1.41. Resolute Mining (+9.1%), Genesis Minerals (+7.8%), Newmont Corporation (+7.3%) and Evolution Mining (+6.2%) all lifted strongly.
The context: The US and Israel began their attack against Iran on Saturday. Iran has since retaliated against a slew US targets in other middle eastern countries including Bahrain and the United Arab Emirates.
Iranian state media has confirmed that the US had killed Iran’s supreme leader Ayatollah Ali Khamenei on Saturday during the first day of strikes.
Geopolitical tensions have been underpinning the rally in the gold price over the last year alongside increased buying from central banks and a shift away from sovereign bonds and currencies. On 5 March 2025, the spot price of gold settled at USD2,919.39.
The source: Bloomberg
