Start trading now on Poste Italiane

Gold prices surge amid escalating Middle East conflict and market uncertainty

|

Gold prices continued to surge on Tuesday, reaching $1,862.8 per ounce for and $1,876.9 for US . The escalation of the conflict in the Middle East between Israel and Hamas has increased safe-haven demand for assets like gold and oil. This follows Monday’s significant one-day jump in gold prices, marking the biggest such increase in five months. The surge was largely driven by market uncertainty ahead of the corporate earnings season and U.S inflation data release.

Financial market analyst Kyle Rodda suggests that while these events have catalyzed gold’s rebound from oversold conditions, U.S rates will be a larger driver in the long run. This perspective is backed by remarks from Fed Vice Chair Philip Jefferson and Dallas Fed president Lorie Logan that led to a retreat in benchmark 10-year Treasury yields from their 2007 highs. This indicates a potential shift in the Federal Reserve’s short-term policy rate.

As investors await the minutes from the U.S. central bank’s September meeting due on Wednesday, spot silver, platinum, and palladium prices also showed fluctuations.

In corporate news, notable events included John Humphrey’s appointment as chairman of Lynas Rare Earths, Rio Tinto (NYSE:)’s heritage-related survey suspension, and the ACCC’s approval of a Brookfield-led takeover of Origin Energy. Additionally, share increases in Core Lithium (OTC:) and Pilbara were triggered by broker rating changes.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Previous Post
Soybean Export Inspections Surge, Boosting Cbot Futures Trading Prices
Next Post
Dollar index weakens amid stock market rally and dovish Fed stance

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Invest on crypto with Gianluca Vacchi project and start making money now
Win money trading on Amazon
INVEST NOW
keyboard_arrow_up