XAUUSD - Gold reversed and strengthenedWorld gold prices this morning continued to increase strongly with spot gold increasing by 22.9 USD, increasing to 1,946.9 USD/ounce. Gold futures last traded at $1,968.30 an ounce, up $32.60 from the bright spot.
Developments in the Middle East have triggered hidden buying momentum in the gold market, bringing this precious metal to its highest level since September 20 in the evening trading session of October 18 (Vietnam time).
Carlo Alberto De Casa, market analyst at Kinesis Money, said that the current developments in the Israel-Hamas conflict are reducing the likelihood that the US Federal Reserve (Fed) will raise interest rates in the coming months. a few make it to the main list. In that context, gold will benefit.
De Casa added that, if tensions become more tense or central banks signal a drawdown, gold is likely to stay at $2,000 an ounce.
Gold is considered a safe haven in times of political and financial instability. Since the conflict in the Middle East broke out, gold has rallied more than $100 despite strong US economic data that offered higher yields for longer, a factor that is unfavorable for the asset. profitable as gol
