Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
Gold prices climbed back above $1,900 an ounce on Friday to trade at their highest in nearly three weeks, as Israel ordered over a million people to evacuate Gaza, lifting safe-haven demand for the precious metal.
“If Israel moves into Gaza with their modern-day military might, when considering the presence of hostile actors in the region and the fundamental nature of the conflict being rooted in religious differences, we could be on the cusp of something significant,” said Innes. “You know what they say in the gold market is to never let a good crisis go to waste,” said Innes. “Indeed, geopolitical risk is starting to take charge across a swath of cross-assets where gold and oil bulls are doing the early victory laps.”
Gold has gained more than 4% since hitting a multi-month low earlier in October, buoyed in part by declining bond yields as “investors increased bets on the end of the Federal Reserve’s hiking cycle,” said Ricardo Evangelista, senior analyst at ActivTrades, in emailed commentary.
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