Gold saw a remarkable surge this week, with prices jumping from around $1,700 per ounce to above $1,900 USD, marking the most significant weekly increase since January. The boost came in response to the latest political tensions in the Middle East, causing an extraordinary level of volatility for the precious metal.
On Friday, gold futures on the New York Comex for January delivery closed at $1,941.50.58 per ounce, rising by $50.3 USD or 1.5% in a single day. The standard futures gold price recorded a 2% increase for the week, its most substantial weekly gain since <>.
Spot gold prices, which traders closely monitor, stood at $1,928.42 USD at 12:48 ET (16:48 GMT), representing a 3.2% surge with a $59.55 USD increase. Just last Friday, spot gold prices, reflecting real-time gold bar transactions, hit a low of $1,810.10, momentarily slipping below $1,700.
This surge is attributed to the recent crisis in the Middle East. Late Thursday, the Israeli government issued evacuation warnings to over 1 million people in Northern Gaza as the conflict with Hamas escalated. There is a growing belief that Israel may be preparing for a major ground assault into Gaza.
Despite the US Dollar Index, or DXY, experiencing a consecutive two-day increase, which extends its three-month uptrend, gold has risen. This situation is surprising since gold typically moves inversely to the US dollar.
The surge in gold prices underscores its role as a safe-haven asset during times of geopolitical uncertainty.
On Friday, gold futures on the New York Comex for January delivery closed at $1,941.50.58 per ounce, rising by $50.3 USD or 1.5% in a single day. The standard futures gold price recorded a 2% increase for the week, its most substantial weekly gain since <>.
Spot gold prices, which traders closely monitor, stood at $1,928.42 USD at 12:48 ET (16:48 GMT), representing a 3.2% surge with a $59.55 USD increase. Just last Friday, spot gold prices, reflecting real-time gold bar transactions, hit a low of $1,810.10, momentarily slipping below $1,700.
This surge is attributed to the recent crisis in the Middle East. Late Thursday, the Israeli government issued evacuation warnings to over 1 million people in Northern Gaza as the conflict with Hamas escalated. There is a growing belief that Israel may be preparing for a major ground assault into Gaza.
Despite the US Dollar Index, or DXY, experiencing a consecutive two-day increase, which extends its three-month uptrend, gold has risen. This situation is surprising since gold typically moves inversely to the US dollar.
The surge in gold prices underscores its role as a safe-haven asset during times of geopolitical uncertainty.
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