{"id":75003,"date":"2023-10-20T18:57:48","date_gmt":"2023-10-20T22:57:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-top-2000-intraday-for-the-first-time-since-early-august\/"},"modified":"2023-10-20T18:57:51","modified_gmt":"2023-10-20T22:57:51","slug":"gold-prices-top-2000-intraday-for-the-first-time-since-early-august","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=75003","title":{"rendered":"Gold prices top $2,000 intraday for the first time since early August"},"content":{"rendered":"
\n

Gold prices touched a high above $2,000 an ounce on Friday for the first time since early August, as the Israel-Hamas war raised worries about the potential spread of violence in the Middle East, leading investors to seek safety in the precious metal.<\/p>\n

On Friday, December gold
\n GC00,
\n +0.64%<\/bg-quote><\/p>\n

GCZ23,
\n +0.64%<\/bg-quote>
\n rose $13.90, or 0.7%, to settle at $1,994.40 an ounce on Comex after trading as high as $2,009.20. Prices hadn\u2019t traded above $2,000 on an intraday basis since Aug. 1 and it hasn\u2019t settled above that level since July 31, according to Dow Jones Market Data. The most-active contract climbed 2.7% for the week.<\/p>\n

\n

\u201cGold has been strengthened primarily by safe haven flows in the last two weeks amid the geopolitical tensions in the Middle East,\u201d Fawad Razaqzada, market analyst at City Index and FOREX.com, in market commentary. <\/p>\n

\u201cSlightly dovish\u201d comments from U.S. Federal Reserve Chairman Jerome Powell on Thursday has also weighed on the U.S. dollar slightly, further underpinning the metals and causing bond yields to fall back, he said. Lower bond yields and a weakening dollar can make commodities priced in the U.S. currency more attractive to buyers, compared against other assets.<\/p>\n

The 10-year U.S. Treasury yield
\n BX:TMUBMUSD10Y
\n has fallen to 4.901%, down from 5.171% Thursday. Thursday\u2019s level was the third-highest of this year. <\/p>\n

Read:<\/strong> Why stock-market investors are fixated on 5% as 10-year Treasury yield nears key threshold<\/p>\n

On Thursday, Powell told the Economic Club of New York that inflation is still too high and \u201ca few months of good data\u201d are only the beginning of what is needed to bring inflation back to 2%. He also said the Fed was \u201cattentive\u201d to tighter financial conditions caused by the recent run-up in longer-term bond yields.<\/p>\n

Read:<\/strong> Why gold prices are up as investors look to Powell\u2019s remarks for hints on the outlook for interest rates<\/p>\n

Questions remain over the direction of bond yields, however, said Razaqzada. \u201cIt is too early to call the top for yields. If they simply consolidate around the current levels, this would still represent a big opportunity cost for holding onto assets that don\u2019t pay any interest or dividends like gold.\u201d <\/p>\n

The precious metal also \u201ccould go tumbling lower again in the event of de-escalation in the Middle East situation,\u201d he said, adding that \u201ca potential trigger for this reversal might be a potential ceasefire between Israel and Hamas.\u201d<\/p>\n

Read:<\/strong> What Israel-Hamas war means for gold as investors seek safety<\/p>\n

So, \u201cit wouldn\u2019t take much to push gold back down but for now, price action is telling us that there is strong bullish momentum behind the gold rally,\u201d said Razaqzada. \u201cAs traders, we must respect that and await a key reversal pattern before potentially looking for bearish trades.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

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

Gold prices touched a high above $2,000 an ounce on Friday for the first time since early August, as the Israel-Hamas war raised worries about the potential spread of violence in the Middle East, leading investors to seek safety in the precious metal. On Friday, December gold GC00, +0.64% GCZ23, +0.64% rose $13.90, or 0.7%, […]<\/p>\n","protected":false},"author":1,"featured_media":35386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-75003","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold prices top $2,000 intraday for the first time since early August | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices touched a high above $2,000 an ounce on Friday for the first time since early August, as the Israel-Hamas war raised worries about the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=75003\" \/>\n<meta property=\"og:locale\" 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