"Gold climbed as high as $3674.55/oz on Tuesday, propelled by escalating geopolitical tensions following Israeli military operations against Hamas leadership. Reports emerged of targeted strikes conducted by the Israel Defense Forces (IDF) and intelligence services against senior Hamas commanders, on Tuesday prompting a bout of market volatility. The IDF operation, reportedly executed in Doha, prompted sharp diplomatic condemnation from Qatari officials who denounced the action as a flagrant breach of international legal standards."
"Currency markets mirrored this risk-averse sentiment, with the Japanese yen and Swiss franc finding a bid against major trading partners. Gold came within touching distance of a fresh record high at $3,700/oz. in early US trade before paring today's gains. Any bout of profit-taking in the precious metal (gold has posted 11 positive days in the last two weeks) will likely find renewed buying interest, especially with the Federal Reserve expected to cut interest rates next week."
Gold climbed to as high as $3,674.55 per ounce amid escalating geopolitical tensions from Israeli operations against Hamas leadership. Targeted strikes by the Israel Defense Forces and intelligence services hit senior Hamas commanders, prompting market volatility. The IDF operation reportedly occurred in Doha and drew diplomatic condemnation from Qatari officials calling it a breach of international legal standards. Gold has surged over 38% year-to-date amid persistent inflationary pressures and global uncertainties. The Japanese yen and Swiss franc strengthened as investors sought safe-haven currencies. Gold neared a record around $3,700 per ounce before trimming gains, and any profit-taking could face renewed buying interest with the Federal Reserve expected to cut rates next week.
Read at London Business News | Londonlovesbusiness.com
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