The US-Iran war has taken a lethal shape over the past weekend. This development has now pushed Iran to announce a full closure of the Strait of Hormuz, impacting the world of finance and stock markets as well. In addition to this, the smart money is keenly eyeing such narratives, pushing its money into safe haven assets like gold and silver to safeguard its interests. This has led the prices of gold and silver to rally even more. How far can gold and silver rise amid the ongoing Iran-US conflict? Let’s find out.
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Gold and Silver Are Up Significantly as the US-Iran War Escalates
The rising geopolitical tensions have led the gold and silver rally stunningly once again. Both the precious metals are up significantly at press time, signaling a heavy sentiment shift. Per the latest post by the Bulls theory, both the assets are up by 2% amid the ongoing Iran-US war, with gold adding nearly $750B to the market. In addition to this, silver is also gaining momentum, adding nearly $112B to the market amid the conflict. That being said, it is to be noted that gold is now 3% shy of claiming another all-time high, signaling the rising consumer sentiment towards safe havens at present.
In addition to this, Rashad Hajiyev, a leading financial expert, has already shared his forecast for silver. If such geopolitical events continue to heat up, then there might be a chance for silver to claim $250 to $350 sooner than predicted timelines.
“What if a war in the Middle East is going to be a trigger for the start of a parabolic run in the precious metals? In such a case, $250 as a silver price is a very modest price target. Let’s see how markets react, and I might raise the target for silver to $350…”
What About Gold?
Speaking about the gold price, Hajiyev was quick to share his stance, adding how the asset may hit $7K to $8K amid such rising geopolitical tensions.
“Not only could precious metals overshoot my $7-8k gold and $250 silver, but it could happen much sooner than most anticipate…”
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