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As tensions in the Middle East escalate, gold prices rise to nearly a one-month high

By Rana Gharib
18 Oct,2023
As tensions in the Middle East escalate, gold prices rise to nearly a one-month high

Gold prices rose sharply on Wednesday, nearing a one-month high as a potential intensification in the Israel-Hamas war drove up safe haven demand, while copper prices also rose tracking a positive reading on China’s economy.

Spot gold edged up by 0.8% to $1,937.80 per ounce, meanwhile gold futures advanced by 0.8% to $1,950.65 per ounce.

A potential advance in the conflict was signalled by the bombardment of a hospital in Gaza, which purportedly resulted in the deaths of hundreds of Palestinians. This was especially true given that the strike forced Egyptian and Palestinian leaders to cancel a meeting with U.S. President Joe Biden.

The action raised worries that additional Arab nations could become involved in the Israel-Hamas confrontation, leading to a wider Middle East conflict.

Gold prices saw a significant spike over the last week as demand for traditional safe havens increased in response to growing worries over an escalation in the Israel-Hamas conflict. Gold had gained 5% over the previous week.

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