The price of gold fluctuated on Tuesday, holding onto its most recent gains while traders kept an eye on any new developments in the Israel-Hamas conflict. They also paid attention to a number of important U.S. economic reports that are coming this week.Gold demand remained strong in the short term, and spot prices increased as …
The price of gold fluctuated on Tuesday, holding onto its most recent gains while traders kept an eye on any new developments in the Israel-Hamas conflict. They also paid attention to a number of important U.S. economic reports that are coming this week.
Gold demand remained strong in the short term, and spot prices increased as desire for safe haven assets was fueled by the Israel-Hamas conflict. However, a decline in gold futures indicated that gold bulls were still cautious about interest rates that would continue to rise. But bullion prices also received some assistance from a decline in the value of the dollar and yields from recent heights.
As of 00:14 ET (04:14 GMT), spot gold was up 0.1% to $1,975.71 per ounce, while December gold futures were down 0.1% to $1,986.55. A nearly three-month peak was still in sight for both instruments.
Over the past two weeks, the yellow metal has soared in value as investors have flocked to safe haven assets in response to the outbreak of the Israel-Hamas conflict. Although recent diplomatic efforts from multiple world countries looked to have prevented any further escalation, markets are now on the lookout for any additional escalation in the war.
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