2023-10-27 09:37:14
AFP/Gold, Dollar, Federal Reserve
Gold prices stabilized during trading on Friday, the twenty-seventh of October, below the levels of $2,000 per ounce, as they are heading to record the third weekly gain in a row.
The conflict in the Middle East leads to investors increasingly seeking safe havens, despite US interest rates remaining high for a longer period.
Gold rose by regarding 9% as investors resorted to it as a safe haven from the potential repercussions of the war between Israel and the Palestinians that escalated earlier this month.
However, existing expectations of a rise in interest rates in America kept gold prices below the ceiling of two thousand dollars.
At the same time, it is heading towards recording weekly gains, with eyes turning to the personal consumption expenditures index data in America, with the aim of obtaining indications regarding what can be expected from the US Federal Reserve meeting next week.
For his part, Kyle Rodda, a financial markets analyst at Capital.com, said that gold prices will be one of the factors affected by the conflict between Israel and Hamas as long as matters are at risk of escalation.
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