XAU/USD: Gold Edges Higher Toward $2,000 on Israel-Hamas War, Potential Ground Invasion

The safe-haven metal is seeing increased demand on the escalating tensions in the Middle East. Are gold bugs eyeing a new all-time high?

• Gold XAUUSD pressed higher in early Thursday trading as investors flocked to the precious metal in search of safe-haven deals. Brewing war tensions between Israel and Hamas are driving gold demand up as bombing over the Gaza strip intensified overnight.
• More than that, Israel’s prime minister Benjamin Netanyahu said the country was “preparing a ground invasion” of the Palestinian enclave. Netanyahu vowed to topple Hamas, Palestine’s military group, by sending troops “above ground, underground, in Gaza, and outside Gaza.”
• Gold has been particularly sensitive to the ongoing geopolitical tremors and has brought its shine back as a haven trade. Since the start of the conflict less than three weeks ago, the yellow commodity has added nearly 10% to its valuation and is trading near $2000 per troy ounce. Its record, reached in May, is about 5% away from its current market price.