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Updated 01:38 22/09/20

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Gold price advances for the second day as tensions in the Middle East escalate

Adam Pike, News Editor
26 Nov 2015, 11 a.m.

The gold price has now advanced for two consecutive days following the downing of a Russian fighter by Turkish forces. The gold price has advanced by £10 and now trades at £711 per ounce. Historically, gold outperforms traditional assets during times of geopolitical uncertainty.

Vladimir Putin, reacted angrily and said the shooting down of the fighter by Turkish fighters would have “serious consequences.” The Turkish government are standing by their original position that the Russian jet violated Turkish airspace and a prior warning had been sent. Russia denies all claims.

In response, Russia’s has deployed a missile cruiser in the Mediterranean and ramped up all aspects of their security in the Middle East. With tension building in the South China Sea and threat from ISIS growing it appears geopolitical risk is here to stay.

Silver is is currently trading at £9.44 per ounce, platinum £564.56 and palladium £368.04.

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