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Gold surged above $2,000 an ounce for the first time since May as concerns over conflict in the Middle East outweigh the impact of the recent jump in bond yields.
Bullion has jumped about 9% since Hamas attacked Israel on Oct. 7, bouncing back from a seven-month low as demand for haven assets increased. The initial price move was also intensified as many investors who were betting on a further slide were caught off guard by the outbreak of war, forcing them to quickly cover their short holdings.
Non-interest-bearing bullion would typically come under massive selling pressure in such a scenario. Yet, the relationship has appeared to unravel over the past year as a combination of central-bank demand and haven buying kept gold prices elevated — and reasonably range-bound — for months, even as real interest rates spiked.
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