Gold on track for second weekly gain on Middle East unrest
Gold prices hit a three-month high on Friday and are poised for a second consecutive weekly rise, with demand buoyed by conflict in the Middle East and expectations that the Federal Reserve may be done with it. interest rate increases.
FUNDAMENTALS
- Spot gold was steady at $1,973.99 an ounce at 0132 GMT, after hitting its highest level since July 20. U.S. gold futures gained 0.3% to $1,986.10.
- Israeli Defense Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see the Palestinian enclave “from within”, suggesting an expected ground invasion aimed at wiping out the Hamas could be close.
- Gold, often used as a safe store of value in times of political and financial uncertainty, is up 2.2% since the start of the week.
- Fed Chairman Jerome Powell acknowledged “in principle” that rising yields helped tighten financial conditions further and “at the margin” could reduce the need for further interest rate increases.
- Higher interest rates increase the opportunity cost of holding gold, which is priced in dollars and earns no interest.
- Dallas Fed President Lorie Logan said recent data and higher borrowing costs in the bond market give the central bank room to deliberate on its next monetary policy decision.
- Markets widely expect the Fed to hold interest rates on hold at its meeting next month, according to the CME’s FedWatch tool.
- Data showed that the number of Americans filing new claims for unemployment benefits fell unexpectedly last week, indicating that strong job growth continued in October, while home sales Existing stocks fell to their lowest level in 13 years in September.
- Spot silver was down 0.3% at $22.97 an ounce, platinum was down 0.5% at $885.97 and palladium was down 0.3% at 1,109, $55.
This article is originally published on zonebourse.com
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