Gold near the highest level in a month after the Gaza hospital strike

Gold prices touched their highest levels in nearly a month on Wednesday after the Gaza hospital explosion reinforced fears of escalating conflict in the Middle East and maintained the precious metal’s appeal as a safe investment.

By 0700 GMT, the price of gold in spot transactions had risen 0.7 percent to $1,935.63 per ounce, and US gold futures had jumped 0.7 percent to $1,948.40.

Hundreds were killed in a hospital explosion in Gaza on Tuesday, sparking protests in the West Bank and the Middle East.

Gold prices have risen by about $100 since the outbreak of the conflict, despite the strong US economic data that was issued recently and reinforced bets on interest rates remaining high for a longer period, which usually weighs on gold prices, which does not generate returns.

Markets are now awaiting Federal Reserve Chairman Jerome Powell’s speech on Thursday for signals on interest rates.

For other precious metals, silver in spot transactions increased 0.9 percent to $23.02 per ounce, platinum rose 0.3 percent to $900.15, and palladium fell 0.2 percent to $1,141.04.