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Gold Rises to $1,907 on Safe-Haven Inflows

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Gold jumped more than 2% and was set for its best week in seven months Friday, as conflict in the Middle East lifted safe-haven demand for the metal, combined with expectations that the U.S. interest rates may have peaked.

Spot gold rose 2.1% to $1,907.30 per ounce by 9:22 a.m. ET . U.S. gold futures added 2% to $1,921.20. Prices were up 4.1% for the week.

Israel called for all civilians in the northern half of the Gaza Strip to relocate south within 24 hours, as it amassed tanks for an expected ground assault in response to an attack by Hamas."Despite yesterday's warmer than expected inflation report, currently there is an expectation that Fed will not hike rates in the November meeting, which is also helping prices,"

Traders currently see around a 67% chance of the Fed leaving interest rates unchanged this year, according to the CME Fedwatch tool.

 

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Gold gains on safe-haven inflows, set for best week since MarchGold jumped more than 2% and was set for its best week in seven months on Friday, as conflict in the Middle East lifted safe-haven demand for the metal, combined with expectations that the U.S. interest rates may have peaked. Spot gold rose 2.1% to $1 907.30 per ounce by 9:22 a.m. ET (1322 GMT). US gold futures added 2% to $1 921.20.
Source: MiningWeeklyAUS - 🏆 233. / 63 Read more »