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financial|gold|hansen-company|platinum|security

Gold eases, but Israel-Hamas war keeps prices above $1 900

16th October 2023

By: Reuters

  

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Gold prices fell on Monday due to technical selling after a strong rally in the previous session, although concerns over potential escalation of conflict in the Middle East kept bullion above the psychologically key $1 900 per ounce level.

Spot gold fell 0.9% to $1 915.19 per ounce by 1012 GMT after hitting its highest since Sept. 20 earlier in the session. US gold futures dropped 0.7% to $1 927.80.

"Gold is holding up well because we still have a lot of uncertainty related to the Middle East and the potential for that to evolve into something very serious," said Ole Hansen, head of commodity strategy at Saxo Bank.

"We need to see whether there is enough movements in bonds and dollar to support these current levels or any further escalation in the Middle East, is what is required to send gold prices higher."

Gold, often used as a safe store of value during times of political and financial uncertainty, jumped 3.4% on Friday, its biggest one-day rise in seven months on strong safe-haven demand and short covering.

Israel denied on Monday that a ceasefire had been agreed in southern Gaza, after security sources in Egypt had earlier said a deal had been reached to pause strikes and allow foreigners to leave and aid to enter the region.

"Investors increasingly look for stable investment opportunities during such periods, and gold has once again met these expectations," said Alexander Zumpfe, a precious metals trader at Heraeus.

While investors wait for further updates on the Israel-Hamas war, Federal Reserve Chair Jerome Powell's speech later this week will also be closely watched for more clarity on US interest rate path.

Markets are pricing in around a 90% chance that the Fed will leave interest rates unchanged at their policy meeting next month, according to the CME FedWatch tool.

Elsewhere, spot silver fell 0.7% to 22.55 per ounce, platinum lost 0.6% to $875.39, while palladium was down 1.7% to $1 128.19.

Edited by Reuters

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