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Gold consolidates above $2,000 supported by safe haven demand
Economy |Today
Economy |Today
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Baghdad today - follow-up
Gold prices stabilized above the important $2,000 level, today, Monday (October 30, 2023), supported by demand for safe havens in light of the escalation of the conflict in the Middle East, while investors await the results of the Monetary Policy Committee meeting at the Federal Reserve (US Central Bank) this week. .
By 0245 GMT, gold settled in spot transactions at $2,003.17 per ounce, and US gold futures rose 0.7 percent to $2,013 per ounce.
Palestinian media said that Israeli air strikes targeted areas near Al-Shifa and Al-Quds hospitals in Gaza City early on Monday, and Palestinian fighters clashed with Israeli forces in a border area east of the city of Khan Yunis in the southern Gaza Strip.
Market parties are now awaiting the US Central Bank's monetary policy decision on Wednesday, and it is widely expected that the bank will keep interest rates unchanged and the focus will be on the statements of Bank Chairman Jerome Powell.
A poll conducted by Reuters showed that inflation will continue to haunt the global economy next year, as 75 percent of 200 economists polled by Reuters said that the main risk is that inflation will be higher than their expectations, indicating that interest rates will also remain higher for a longer period.
Although gold is considered a hedge against inflation, higher interest rates undermine appetite for the non-interest-bearing precious metal.
As for other precious metals, silver settled in spot transactions at $23.15 per ounce. Platinum fell 0.3 percent to $901.35 an ounce, and palladium rose 0.2 percent to $1,124.48 an ounce.
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