2023-10-09 22:20:01
The Palestinian Islamist group Hamas launched massive air strikes against Israel, plunging the Middle East into turmoil and stimulating safe-haven demand.gold futuresIt closed higher on Monday (9th). Analysts said whether gold prices can continue to rise in the future depends on how the situation in the Middle East spreads in crude oil and global markets.
New York for December deliverygold futuresIt closed up $19.10, or 1%, at $1,864.30 an ounce, with an intraday high of $1,875.85.
goldThe spot price rose US$28.92, or 1.6%, to US$1,861.51 per ounce, reaching an intraday high of US$1,862.26.
goldIt is a safe haven in times of political and economic turmoil. Bob Haberkorn, senior market strategist at RJO Futures, said that there are many variables in the next situation in the Middle East. If the situation heats up further,goldA move towards $1,900 is possible.
goldLast week, it fell for several consecutive days, hitting a seven-month low. The futures price fell to as low as $1,859.55 per ounce, and the spot price fell to $1,810.47 per ounce.
Suni Kumar Dixit, chief technical strategist at SKCharting.com, said that from a technical point of view, although the crisis broke out in the Middle East,goldThe recovery appears to be quite modest.
He said:”goldSpot prices remain stable between $1,850 and $1,855 per ounce, with immediate support at $1,845, which, if broken, could fall and pull back to the escape gap at $1,832. But if it can continue to break through $1858,goldwould be able to put another foot in the door and gain momentum towards $1880. “
Hamas continued its attacks on Israel’s largest city, Tel Aviv, on Monday, and Israeli Prime Minister Benjamin Netanyahu said the two sides were at war and vowed to impose unprecedented costs on the enemy.
goldand crude oil traders are keeping a close eye on the latest developments, especially the impact on potential Iranian oil supplies.
Investors are also awaiting minutes from the Federal Reserve’s last meeting, which will be released this week, as well as U.S. inflation data.
“We do not believe the Fed will continue to raise interest rates and increase uncertainty,” said Ole Hansen, head of commodity strategy at Saxo Bank. “While rising oil prices may increase inflation, interest rates appear to be closer to reaching the end point.”
According to the CME Group’s FedWatch tool, traders predict that there is about a 28% chance that the Fed will raise interest rates again this year.High interest rates will increase holdinggoldopportunity cost, which is detrimental to price.
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