Gold rose to a more than one-month peak on Wednesday as the escalating conflict in the Middle East sent investors flocking towards the safe-haven metal, reports Reuters.
Spot gold increased 1.4 per cent to $1,949.89 per ounce by 9:26 a.m. ET (1326 GMT), its highest since September 1. US gold futures jumped 1.4 per cent to $1,962.80.
"Elevated risks in the Middle East are prompting safe-haven demand for gold and silver, the technical posture for both has also improved. I think gold will push above $2,000 in the near term," said Jim Wyckoff, senior analyst at Kitco Metals.
"Gold will pull back if the Middle East situation simmers down, but right now the market place is expecting a further escalation."
Gold, considered a safe store of value amid political and financial uncertainty, has climbed more than 5 per cent so far in October. While Wall Street's main stock indexes have dipped amid risk aversion.
Among other metals, spot silver gained 1.4 per cent to $23.15, platinum fell 0.4 per cent to $894.02 and palladium fell 1.4 per cent to $1,127.54.
Gold gains as ME tensions spur safe-haven demand
FE Team | Published: October 18, 2023 23:27:34
Gold gains as ME tensions spur safe-haven demand
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