2023-10-20 07:44:41
10/20/2023-|Last update: 10/20/2023 11:05 AM (Mecca time)
Gold prices rose to their highest levels in 3 months today, Friday, and are heading for the second weekly gain in a row, with increasing demand boosted by the conflict in the Middle East, and expectations that interest rate increases by the Federal Reserve (the US Central Bank) are approaching their end.
By 03:32 GMT, gold rose in instant transactions to $1,978.17 per ounce, following reaching its highest levels since last July 20. The price of gold in the latest trading reached 1980 per ounce.
US gold futures also increased to $1,990.50, and the price of gold in the latest trading reached regarding $1,992 per ounce.
Kyle Rodda, a financial markets analyst at Capital, said, “There are fears that (the war between Israel and Hamas) will escalate into something resembling a broader regional crisis, and perhaps a long-term conflict… so we see investors heading to safe havens.”
As for other precious metals, silver fell in spot transactions to $23.01 per ounce, but it is heading for the second weekly rise.
Platinum rose to $891.88, and palladium increased to $1,116.82.
On the 14th day of its aggression once morest Gaza, the Israeli occupation army continued to bomb residential areas, resulting in the death of dozens. The continuous bombing of Gaza has so far left 3,785 martyrs and more than 12,000 wounded, the majority of whom are children and women.
And it was Izz al-Din al-Qassam Brigades And other Palestinian resistance factions launched an operation on October 7th Al-Aqsa flood Against the Israeli occupation, it has killed more than 1,400 Israelis so far, and managed to capture large numbers, according to Israeli figures.
Clashes also take place between Israel and…Hizb allah On the Lebanese border.
Stock markets are falling
In terms of financial markets, Japan’s Nikkei index closed lower today, Friday, tracking declines on Wall Street overnight, although the index recovered some of its early losses, with investors buying stocks when they decline.
The Nikkei index fell 0.54% to close at 31,259.36 points following opening 0.85% lower. The broader Topix index also fell 0.38% to 2,255.65 points.
Over the course of the week, the two indices fell 3.2% and 2.3%, respectively.
US indices closed lower overnight, and US Treasury bond yields rose as US Federal Reserve Chairman Jerome Powell spoke regarding monetary policy and investors were concerned regarding whether interest rates would remain high for a longer period.
Investors sold Japanese stocks following the yield on 10-year US Treasury bonds reached 5% for the first time since July 20, 2007.
But experts said that the yield declined during Asian trading, which raised morale.
The 10-year Japanese government bond yield, which had been rising, also fell slightly following the Bank of Japan announced measures to control yields.
In new statements regarding the impact of the conflict between the occupation and the Palestinian resistance, Japanese Finance Minister Shunichi Suzuki said – today, Friday – that the state of uncertainty is increasing regarding Japan’s economy and the global economy due to the conflict in the Middle East.
Suzuki told reporters – following a cabinet meeting – that Japan must closely monitor financial markets, including oil and stocks.
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