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Gold prices surpass $2007 on geopolitical risks

Mohamed Abdelhamid 27 October, 2023 10:26 pm Breaking News, Commodities, Market Update

Gold price rallies to $2007.75 per troy ounce, bouncing back from daily lows of $1976.97. Escalating Middle East conflict and Israel military expanding its operations in Gaza.

Gold price finally broke the $2000 troy ounce barrier on Friday amidst increasing geopolitical risks, as the conflict between Israel and Hamas is at the brisk of spreading towards more countries in the region. At the time of writing, XAU/USD is trading at $2000 after the yellow metal bounced from daily lows of $1972.12

XAU/USD hits a significant milestone, fueled by Middle East conflicts and a weakening US Dollar. An escalation in the Middle East conflict keeps investors on their toes. Israel expanding ground operations in Gaza, shifted market sentiment.

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