Gold inched up on Tuesday and was set for its best month since November as the Israel-Hamas war sparked safe-haven flows, while focus shifted to this week's US central bank policy meeting, reports Reuters.
Spot gold was up 0.1 per cent to $1,997.49 per ounce at 9:25 am ET (1325 GMT), having spiked as high as $2,009.29 on Friday. US gold futures were up 0.1 per cent to $2,006.60.
Spot gold was at its lowest in seven months at $1,809.50 on Oct. 6, a day before Hamas' attack on Israel. It is now on track for an 8 per cent rise in October as investors bolted for safety amid the ensuing crisis.
"We still have a positive bias in gold with the continuation of safe-have demand given the Middle East war," said David Meger, director of metals trading at High Ridge Futures.
Market focus this week is also on the US Treasury's refunding announcement and the Federal Reserve's monetary policy decision on Wednesday, followed by the US monthly jobs report Friday.
Spot silver fell 0.9 per cent to $23.11 and platinum gained 0.5 per cent to $934.03, with both set for monthly gains.
Palladium rose 0.4 per cent to $1,132.19, but is on track for a more than 9 per cent decline this month.
Mideast conflict sets up gold for best month since Nov
FE Team | Published: October 31, 2023 23:13:32
Mideast conflict sets up gold for best month since Nov
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