{"id":74054,"date":"2023-10-18T13:25:42","date_gmt":"2023-10-18T17:25:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forget-stocks-gold-enjoys-a-moment-over-the-past-year-as-it-hurtles-toward-2000\/"},"modified":"2023-10-18T13:25:47","modified_gmt":"2023-10-18T17:25:47","slug":"forget-stocks-gold-enjoys-a-moment-over-the-past-year-as-it-hurtles-toward-2000","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74054","title":{"rendered":"Forget stocks! Gold enjoys a moment over the past year as it hurtles toward $2,000"},"content":{"rendered":"

Gold futures rallied on Wednesday, with prices looking to settle at their highest levels since late August after an explosion at a Gaza City hospital prompted investors to shun risky assets and seek safety in the precious metal. <\/p>\n

Wednesday\u2019s rise in prices has helped gold outperform the S&P 500 index
\n SPX
\n on a 12-month return basis.<\/p>\n

\n

On Comex, the most-active December gold contract
\n GC00,
\n +1.60%<\/bg-quote><\/p>\n

GCZ23,
\n +1.60%<\/bg-quote>
\n rose $34, or 1.8%, to $1,969.80 an ounce after touching a high of $1,975.80. Prices were poised to settle at their highest since Aug. 30, FactSet data show.<\/p>\n

Over the last 12 months, most-active gold futures have seen a return of 18.95%, according to Dow Jones Market Data. The price return for the S&P 500 is 17.11% and total return is 18.93%. <\/p>\n

\u201cThe yellow metal is a solid hedge against risky assets that get smashed by a severe fall in appetite,\u201d said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in a market note. <\/p>\n

Hundreds of people were killed when a blast hit a hospital in Gaza City. Hamas have blamed an Israel airstrike, while Israeli military blamed a rocket misfired by other Palestinian militants. <\/p>\n

\u201cRisk aversion has up-ticked at midweek,\u201d said Jim Wyckoff, senior analyst at Kitco.com, as the Middle East violence flares up.<\/p>\n

U.S. stocks declined Wednesday morning with the Dow Jones Industrial Average
\n DJIA
\n down over 100 points, or 0.3%, at 33,898, and the S&P 500 down 17 points, or 0.4%, at 4,355. The Nasdaq Composite
\n COMP
\n fell 98 points, or 0.7%, to 14,435.<\/p>\n

So far, gold has found support on the back of haven flows due to the situation in the Middle East, \u201cbut with the dollar maintaining its bullish trend and bond yields on the rise again, the opportunity cost of holding gold continues to rise,\u201d said Fawad Razaqzada, market analyst at City Index and FOREX.com. A stronger dollar tends to pressure prices for dollar-denominated gold. <\/p>\n

\u201cTherefore, it is not going to take much to slam gold back down,\u201d said Razaqzada. \u201cPerhaps if there\u2019s a ceasefire between Israel and Hamas, then that could be the trigger\u201d for gold\u2019s decline. <\/p>\n

Judging by the way gold has rallied, \u201cit looks like investors are pricing in a sharp escalation in crisis in the region,\u201d he said. \u201cIf, hopefully, that doesn\u2019t happen, then gold is at risk of reversing sharply lower.\u201d<\/p>\n

Gold has climbed sharply despite renewed headwinds from the U.S. interest rate outlook, said Michael Ingram, market analyst at Kinesis Money.<\/p>\n

Tuesday saw a raft of U.S. economic data, with retail sales, manufacturing and industrial production, and capacity utilization for September, all coming in higher than expected, he said in market commentary. \u201cWith further evidence of U.S. economic resilience, interest rates have continued to track higher, creating headwinds for non-yielding assets, such as gold.\u201d<\/p>\n

The market awaits further clarity on the interest rate outlook from a speech by Federal Reserve Chairman Jerome Powell on Thursday but so far, gains for the U.S. dollar, and its dampening impact on gold prices, have been \u201cmarginal as this is already considered a very \u2018crowded trade\u2019\u201d within the foreign exchange markets, said Ingram. <\/p>\n

Recent gold investment flows appear somewhat mixed, he said. \u201cDemand from central banks appears unabated, but private portfolio investment via [exchange-traded funds] and similar vehicles, shows net outflows in both Europe and the U.S., with only Asia bucking the trend. However, ETF flows have often proven volatile.\u201d<\/p>\n

Despite all of that, however, \u201cgold continues to benefit from its status as a \u2018safe haven asset\u2019 amid intensifying geopolitical uncertainty,\u201d Ingram said. \u201cRenewed pressure on conventional alternatives in both fixed income and real estate markets has further cemented its strategic position within investment portfolios.\u201d<\/p>\n<\/p><\/div>\n

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

Gold futures rallied on Wednesday, with prices looking to settle at their highest levels since late August after an explosion at a Gaza City hospital prompted investors to shun risky assets and seek safety in the precious metal. Wednesday\u2019s rise in prices has helped gold outperform the S&P 500 index SPX on a 12-month return […]<\/p>\n","protected":false},"author":1,"featured_media":74055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-74054","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nForget stocks! 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