2023-10-14 02:10:00
Financial News Agency, October 14 (Editor Zhao Hao)On Friday (October 13), international precious metal prices rose sharply due to the escalation of the geopolitical situation and the significant decline in U.S. bond yields.
As of press time, the December gold futures price, the most actively traded in the New York Mercantile Exchange gold futures market, rose by US$58.5 from the previous trading day to US$1,941.5 per ounce, an increase of 3.11%. It has increased by 5.2% this week, and has increased by 5.2% since September 28. It has since returned above $1,900;
Spot gold also rose by regarding US$60, now trading at US$1,930.26 per ounce, an increase of more than 3.2%, and a cumulative increase of 5.2% this week. The price of silver futures for December delivery rose by 0.93 US dollars to US$22.895 per ounce, an increase of 4.26%, and a cumulative increase of 5.4% this week.
Market analysts believe that the escalation of the Palestinian-Israeli conflict was the main reason for the surge in gold prices that day. Tom di Galoma, managing director and co-head of global rates trading at BTIG, said, “Today is a risk-off day…Investors will basically buy safe assets.”
In the early hours of Friday local time, the Israel Defense Forces informed the United Nations that all Palestinians in the northern Gaza Strip should move to southern Gaza within 24 hours. Shortly before going to press, according to CCTV news reports, the Israel Defense Forces announced that it was conducting “large-scale” air strikes on multiple Hamas targets in the Gaza Strip.
According to CCTV News reports, Israeli media quoted a statement from the Israel Defense Forces that Israeli infantry units and tanks entered the Gaza Strip on the 13th to conduct “local attacks.” The aim is to clear the area of ”hostile armed elements” and find missing Israelis.
In this regard, Roubini, a professor at New York University Business School known as “Dr. Doom”, believes that the market has obviously underestimated the risk of large-scale conflicts in the entire Middle East. World Bank President Ajay Banga also said that the Palestinian-Israeli conflict has complicated the development path of the global economy and is a great challenge to central banks of various countries.
Affected by strong demand for safe havens, U.S. bond yields also fell significantly, with the U.S. 10-year Treasury bond yield falling back to 4.629%. Another reason is that Philadelphia Fed President Harker said today that the Fed can stop raising interest rates if price pressures continue to weaken.
However, the fall in U.S. bond yields did not bring much boost to the U.S. stock market. Although JPMorgan Chase’s performance gave a good start to the Q3 earnings season, as of press time, the Nasdaq Composite Index fell more than 1%, and only the Dow Jones Index maintained a 0.1% increase.
In addition, the VIX, known as the fear index, rose by more than 16% to 19.47, and once exceeded 20 during the day.Return to Sohu to see more
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