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Gold Surges on Weak Dollar and Middle East Tensions
Gold prices surged on Thursday, bolstered by a weakened dollar and escalating tensions in the Middle East. Investors eagerly awaited more US economic data for insights into the Federal Reserve’s future interest rate decisions.
At 0328 GMT, spot gold climbed 0.1 percent to $2,026.7 per ounce, marking its highest level since February 9. Similarly, US gold futures rose by 0.1 percent to $2,036.9 per ounce.
The dollar index extended its losses for the fourth consecutive day, enhancing the allure of gold priced in US currency for international buyers.
In the Middle East, Israel intensified its airstrikes on Rafah city in the southern Gaza Strip, resulting in the tragic loss of more than ten lives from a single family. The Ministry of Health in the embattled Palestinian territory reported a staggering death toll of 29,313 individuals amid the ongoing conflict.
In addition to gold, other precious metals also experienced gains:
- Platinum rose by 0.3 percent in spot transactions to $885.30 per ounce.
- Palladium increased by 0.6 percent to $955.63.
- Silver saw a modest uptick of 0.1 percent, reaching $22.89 per ounce.
Key Highlights:
- Gold prices surged on Thursday driven by a weak dollar and heightened tensions in the Middle East.
- Investors awaited US economic data for clues on the Federal Reserve’s interest rate policies.
- Spot gold reached $2,026.7 per ounce, marking its highest level since February 9.
- US gold futures also rose to $2,036.9 per ounce.
- Weakening dollar index increased the attractiveness of gold for international buyers.
- Escalating conflicts in the Middle East added to gold’s appeal as a safe-haven asset.
- Platinum, palladium, and silver also witnessed gains in spot transactions.
