Gold vaulted over $2,000 on its way to a third straight weekly gain on Friday, as an escalation in the Israel-Hamas conflict fuelled safe-haven buying, while investors awaited the US Federal Reserve policy meeting due next week, reports Reuters.
Spot gold jumped 1.2 per cent to its highest since mid-May at $2,009.19 per ounce by 3:10 pm EDT (1910 GMT) and gained 1.4 per cent for the week. US gold futures settled 0.1 per cent higher at $1,998.50.
Trading volumes spiked after Israel's chief military spokesperson said its air and ground forces are stepping up operations in the Gaza Strip, amid reports of heavy bombing of the besieged enclave.
"No one wants to go home short over the weekend. You have no idea where gold could open Sunday evening if something really goes pear-shaped," said Tai Wong, a New York-based independent metals trader.
Safe-haven bullion has gained around 8 per cent, or more than $140, since the start of the war on Oct. 7.
Spot silver rose more than 1 per cent to $23.09 per ounce, but was set for a weekly fall. Platinum was flat at $900.53 and palladium lost 1.3 per cent to $1,118.70.
Gold gains 1.0pc on Mideast risks
FE Team | Published: October 28, 2023 21:15:40
Gold gains 1.0pc on Mideast risks
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