Spot gold prices soar amid escalating Israel-Iran tensions

May 21, 2025 (MLN): Gold prices surged sharply on Wednesday during the Asian trading session, climbing past $3,300 per ounce and reaching an intraday high of $3,301.27 —the highest level in two weeks.

This strong upward momentum reflects investors' flight to safety amid growing geopolitical fears.

CNN has reported that, according to multiple U.S. officials, Israel may be preparing a strike on Iran’s nuclear sites.

The threat of military escalation in the region has reignited market anxieties, particularly as prior nuclear negotiations between Iran and the U.S. stalled.

Iran’s Supreme Leader, Ayatollah Khamenei, has voiced strong doubts over the possibility of a successful diplomatic outcome.

Amid the growing uncertainty, Bitcoin also rallied, rebounding to $106,480 early this morning.

With both gold and Bitcoin trading near historic highs, they continue to assert their roles as key safe-haven assets.

Should tensions between Israel and Iran intensify further, analysts suggest that both gold and Bitcoin could break into uncharted territory, as investors seek refuge from global instability.\

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