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Gold Tops $2,000 Amid Escalating Middle East Tensions

Published on Oct 30, 2023 13:09

Gold prices topped above $2,000 per ounce, driven by geopolitical tensions in the Middle East. Over the weekend, Israel indicated a more significant military offensive in Gaza as its conflict with Hamas continues. During this time, US President Joe Biden called on Israel to increase humanitarian assistance and prioritize the protection of civilians. In the economic realm, the US Federal Reserve`s decision to keep interest rates unchanged underscores the fine balance central banks must strike between addressing inflation and potential economic downturn risks. This decision is in line with strong consumer spending and expected core PCE price increases. On the other hand, the European Central Bank`s choice to leave interest rates unaltered signals concerns about the Eurozone`s economic outlook, as indicated by lackluster PMI data. MCX gold for December delivery is currently trading at Rs 61,240 per 10 grams, with potential resistance around Rs 61,500 and Rs 61,700.

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