{"id":72275,"date":"2023-10-13T13:06:41","date_gmt":"2023-10-13T17:06:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-rally-to-3-week-high-as-israel-gaza-conflict-sparks-rush-to-havens\/"},"modified":"2023-10-13T13:06:43","modified_gmt":"2023-10-13T17:06:43","slug":"gold-prices-rally-to-3-week-high-as-israel-gaza-conflict-sparks-rush-to-havens","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=72275","title":{"rendered":"Gold prices rally to 3-week high, as Israel-Gaza conflict sparks rush to havens"},"content":{"rendered":"
\n

Gold prices climbed back above $1,900 an ounce on Friday to trade at their highest in nearly three weeks, as Israel ordered over a million people to evacuate Gaza, lifting safe-haven demand for the precious metal. <\/p>\n

\u201cThe events in the Middle East have taken center stage, vastly overshadowing market concerns and discussions,\u201d Stephen Innes, managing director at SPI Asset Management, told MarketWatch. \u201cThe conflict and its implications have captured the world\u2019s attention and become the primary focus of media and public discourse, temporarily diverting attention from financial and economic matters.\u201d<\/p>\n

\n

The Israeli military told more than 1 million Palestinians, almost half of the population, on Friday to evacuate northern Gaza, raising expectations that a ground invasion is imminent against the ruling Hamas militant group. <\/p>\n

\u201cIf Israel moves into Gaza with their modern-day\u00a0military might, when considering the presence of hostile actors in the region and the fundamental nature of the conflict being rooted in religious differences, we could be on the cusp of something significant,\u201d said Innes. <\/p>\n

Given that, \u201cI think it is fear of war driving gold,\u201d he said. \u201cI don\u2019t think traders wanted to be short oil or gold\u2026over the weekend, just in case multiple Middle East powder kegs explode.\u201d<\/p>\n

Against that backdrop, the December gold contract
\n GCZ23,
\n +3.01%<\/bg-quote><\/p>\n

GC00,
\n +3.01%<\/bg-quote>
\n climbed by $40.20, or 2.1%, to $1,923.20 an ounce on Comex. Prices for a most-active contract haven\u2019t settled at a level this high since Sept. 25, according to FactSet data.<\/p>\n

\u201cYou know what they say in the gold market\u00a0is to never let a good crisis go to waste,\u201d said Innes. \u201cIndeed, geopolitical risk is starting to take charge across a swath of cross-assets where gold and oil bulls are doing the early victory laps.\u201d<\/p>\n

Gold prices had already moved up in recent days, with Thursday\u2019s decline marking the first in five trading sessions.<\/p>\n

Gold futures traded as low as $1,823.50 on Oct. 6, the lowest intraday level since March, then traded mostly higher in the wake of last Saturday\u2019s Hamas attack on Israel.<\/p>\n

Gold has gained more than 4% since hitting a multimonth low earlier in October, buoyed in part by declining bond yields as \u201cinvestors increased bets on the end of the Federal Reserve\u2019s hiking cycle,\u201d said Ricardo Evangelista, senior analyst at ActivTrades, in emailed commentary.<\/p>\n

Meanwhile, Adrian Ash, director of research at BullionVault, told MarketWatch\u00a0that any talk of \u201csafe haven\u201d flows into gold \u201cmisses the fact\u201d that most bullion-backed exchange-traded funds have actually continued to shrink so far this week, rather than expand. <\/p>\n

Users of BullionVault have been net sellers since the weekend too, albeit very marginally after more chose to take profits in September, he said.<\/p>\n

\u201cWith the stock market also continuing to rise despite the worsening regional tensions, it seems investors \u2014 for now at least \u2014 are watching what happens to interest-rate expectations more than they\u2019re watching the dreadful news from the Middle East,\u201d said Ash.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold prices climbed back above $1,900 an ounce on Friday to trade at their highest in nearly three weeks, as Israel ordered over a million people to evacuate Gaza, lifting safe-haven demand for the precious metal. \u201cThe events in the Middle East have taken center stage, vastly overshadowing market concerns and discussions,\u201d Stephen Innes, managing […]<\/p>\n","protected":false},"author":1,"featured_media":70641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-72275","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold prices rally to 3-week high, as Israel-Gaza conflict sparks rush to havens | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices climbed back above $1,900 an ounce on Friday to trade at their highest in 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