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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
City skyline at sunset in Metro Manila
Economic Updates
Quarterly Economic Growth Release: Stronger case for a BSP cut in August
August 7, 2025 DOWNLOAD
economy-ss-3
Economic Updates
Inflation Update: BSP’s low-inflation safety net
August 5, 2025 DOWNLOAD
bsp-banner
Economic Updates
Monthly Economic Update: Two more BSP cuts 
July 31, 2025 DOWNLOAD
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Economy 2 MIN READ

Gold jumps as investors dash for safe harbours after Middle East clashes

October 9, 2023By Reuters
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Gold prices edge down after dollar's rebound October 27, 2022 Global stocks fall, US yields rise as oil prices reach new highs May 31, 2022 Bond strategists stand ground, say US Treasury yields have peaked September 11, 2023

Oct 9  – Gold prices climbed more than 1% on Monday as dramatic clashes between Israeli and Hamas forces over the weekend raised the risk of a wider Middle East conflict and spurred a rush to safe-haven investments like bullion.

Israel pounded the Palestinian enclave of Gaza on Sunday, killing hundreds of people in retaliation for one of the bloodiest attacks in its history when Islamist group Hamas rampaged through Israeli towns on Saturday.

Spot gold jumped 1% to USD 1,849.90 per ounce by 0753 GMT, having hit its highest level in a week. US gold futures climbed 1.1% to USD 1,864.50.

“Gold has regained its safe-haven status following the geopolitical events over the weekend,” City Index Senior Analyst Matt Simpson said.

“We see the potential for gold to head for USD 1,880, but unless we see bond yields move materially lower, I doubt it can break USD 1,900 any time soon.”

The spiralling violence threatens to start a major new war in the Middle East, sending oil prices higher and boosting the demand for safe-haven assets like Treasuries, the dollar and the Japanese yen along with gold.

Gold rebounded sharply from seven-month lows hit on Friday, but its upside remained capped by strong US economic data that has bolstered the view that the Federal Reserve is unlikely to end its monetary policy tightening cycle in the near term.

Last week, data showed that US employment increased by the most in eight months in September, pointing to persistent labour market strength. A hot inflation print later in the week could pave the way for another US interest rate hike this year.

Higher US rates raise the opportunity cost of holding gold, which yields no interest. Investors are also focused on the minutes of the US central bank’s September meeting due on Wednesday.

Among other metals, spot silver gained 0.3% to USD 21.66 per ounce, platinum advanced 0.6% to USD 881.91 and palladium fell 0.4% to USD 1,152.96.

(Reporting by Swati Verma in Bengaluru; Editing by Subhranshu Sahu, Sohini Goswami and Janane Venkatraman)

This article originally appeared on reuters.com

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