Gold Soars to 1-Month Highs Amid Middle East Tensions

Published on Oct 18, 2023 14:54

Gold futures jumped above $1,950 per ounce, marking a month-high, driven by escalating Middle East tensions and investor demand for safe-haven assets. A Gaza City hospital explosion raised concerns, with Israel denying involvement. Stronger-than-expected US retail sales and industrial production data influenced views on interest rates, pushing Treasury yields towards multi-year highs. Richmond Fed President Thomas Barkin noted the impact of higher borrowing costs on demand, while Minneapolis Fed President Neel Kashkari expressed concerns about inflation. Investors await further guidance from Fed Chair Jerome Powell`s upcoming speech. MCX gold futures for December delivery was seen trading at Rs 475 at Rs 59693 per 10 grams. The metal may find resistance near Rs 59900 and Rs 60200 levels.