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Gold Holds Above $2,000 Mark on Safe-Haven Demand; Fed Meet in Focus

07:46 30 October in Uncategorized
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Gold prices held steady near the key $2,000 level on Monday, buoyed by safe-haven demand from an escalating Middle East conflict, as investors awaited the outcome from the U.S. Federal Reserve’s policy meeting this week.

Spot gold was steady at $2,003.17 per ounce by 0245 GMT. U.S. gold futures climbed 0.7% to $2,013.00.

Israeli air strikes hit areas near Gaza City’s Shifa and Al-Quds hospitals early on Monday, and Palestinian militants clashed with Israeli forces in a border area east of the city of Khan Younis, in the enclave’s south, Palestinian media reported.

Gold prices hit $2,009.29 an ounce on Friday, surpassing the key psychological $2,000 level for the first time since mid-May, as investors piled into safe-haven bullion on fears of a global economic fallout from the Israel-Hamas conflict.

Market participants now look forward to U.S. central bank policy decision on Wednesday. While the Fed is widely expected to keep interest rates unchanged, the focus will be on Chair Jerome Powell’s commentary.

Although gold is seen as a hedge against inflation, higher interest rates dull non-yielding bullion’s appeal.

Spot silver held at $23.15, platinum fell 0.3% to $901.35 and palladium rose 0.2% at $1,124.48.

Source : Reuters

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