Gold’s safe-haven status reinforced for Shariah investors

Gold prices jumped about US$100 per troy ounce in the knee-jerk reaction to attacks on Iran by Israeli and US forces over the weekend, with financial market investors seeking safe haven assets as they tried to digest the impact and forecast what outcomes are likely.

Crude oil prices are also volatile – over uncertainty of tanker shipping routes being impacted at the Straits of Hormuz chokepoint – as are silver prices.

Chart 1: Gold price at end-February 2026

For Shariah investors, the gold price uptrend over two months has been very bullish – an almost 20% rise from the US$4,321.48 per ounce recorded on the 1^st January 2026.

Table 1: Top Shariah gold funds by AuM as at February 2026

Source: IFN Investor Funds Database

For those keen on gold investments, several new services have cropped up in recent weeks. Among them are Bahrain’s digital platform Gold Souq for Shariah compliant saving, investing and trading gold services and Italian firm Mac & Ro Capital FZC, which launched its Dubai office in December 2025, together with Shariah certification.

Apart from these assets, financial impact has been otherwise insignificant. Cryptocurrency continued to be in the doldrums, with both the stalwarts of Bitcoin and Ethereum languishing at 40% below the 2025 highs.

Equity markets remain unpredictable amid ongoing regional tensions, with fund managers trying to navigate fleeting opportunities.