Following the escalation of tensions in the Middle East, rumors of an impending rise in gold prices surfaced early last week, and Turkish citizen Faruk Mutlu decided to seize the opportunity.
The recent rise in gold prices is largely attributed to geopolitical tensions and economic uncertainty, but Lobo Tiggre, analyst and editor of Independent Speculator magazine, says they are not the main catalysts behind the price rally in the gold market.
The gold market is not paying attention to inflation and interest rates in the US because investors are not concerned about opportunity costs in a world with unprecedented geopolitical and economic uncertainty, says a market strategist.
The World Gold Council will work with Dubai to address the problems associated with the unauthorized transportation of gold. Andrew Naylor, WGC's Middle East and Public Policy Director, told the Khaleej Times newspaper that gold in passengers' carry-on luggage is a particular problem.
The gold market continues to consolidate after hitting record highs, and while the price has room to fall further, one market strategist believes the precious metal will eventually head upwards.
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