Gold prices hovered near the highest level in two and a half months on Thursday, as escalating unrest in the Middle East boosted demand for a safe investment haven. At the same time, investors awaited a speech by Federal Reserve Chairman Jerome Powell scheduled for later on Thursday.<\/p>\n\n\n\n
By 0318 GMT, gold settled in spot transactions at $1,947.45 per ounce after recording on Tuesday its highest level since August 1. US gold futures fell 0.4 percent to $1,959.70.<\/p>\n\n\n\n
Gold, which is usually a safe investment haven in times of political and financial uncertainty, has risen more than $130, or nearly eight percent, since falling to a seven-month low on October 6 (EGX: OCDI).<\/p>\n\n\n\n
Investors are awaiting Powell’s speech today for more indications about the interest rate path in the coming period.<\/p>\n\n\n\n
High interest rates increase the opportunity cost of gold, which does not generate returns and is priced in dollars.<\/p>\n\n\n\n
As for other precious metals, silver settled in spot transactions at $22.86 per ounce, platinum fell 0.5 percent to $881.24, and palladium fell 0.3 percent to $1,125.35.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices hovered near the highest level in two and a half months on Thursday, as escalating unrest in the Middle East boosted demand for a safe investment haven. At the same time, investors awaited a speech by Federal Reserve Chairman Jerome Powell scheduled for later on Thursday. By 0318 GMT, gold settled in spot …<\/p>\n","protected":false},"author":9,"featured_media":60920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6832,7436,8618,7004,6909],"class_list":["post-91184","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-china","tag-crude-oil","tag-middle-east","tag-opec-2","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/91184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=91184"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/91184\/revisions"}],"predecessor-version":[{"id":91185,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/91184\/revisions\/91185"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=91184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=91184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=91184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}