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Updated 10:48 16/05/21

Gold advances above $1,200 as Saudi Arabia bombs Yemen

By Adam Pike, News Editor

26 Mar 2015

The gold price has climbed above the psychological $1,200 barrier following Saudi Arabia’s decision to bomb targets in neighbouring Yemen. The gold price jumped to $1,201.60 per ounce and has posted gains for the seven consecutive days.

The situation in Yemen is complicated with the Saudi government launching air strikes against Iranian backed rebels who have made rapid gains in recent months. The oil price rose as much as 5.6% as traders began to worry oil supplies could be disrupted.

Mohammed al-Bukhaiti a senior rebel leader has warned if the Saudi’s continue to intervene they run the risk of causing a wider war in the region. Although, the U.S. are not providing military hardware, President Obama has authorized logistical and intelligence support to the Saudi government. With violence continuing in Ukraine, Syria, Iraq and Afghanistan it appears the world is becoming more and more unstable.

Worse than expected durable goods data out of the U.S. caused the dollar to fall which in turn helped boost the gold price higher.

Gold is currently trading at £809.67 per ounce, silver at £11.52 per ounce, platinum £774.74 per ounce and palladium at 518.12 per ounce.

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